Toronto Dominion Bank (NYSE:TD) Reaches New 12-Month High – Here’s Why

Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $107.06 and last traded at $106.7030, with a volume of 361714 shares trading hands. The stock had previously closed at $104.31.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TD. Canadian Imperial Bank of Commerce cut Toronto Dominion Bank from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 12th. Weiss Ratings raised Toronto Dominion Bank from a “buy (b)” rating to a “buy (a-)” rating in a report on Friday, March 27th. Wall Street Zen upgraded shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Zacks Research cut shares of Toronto Dominion Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.00.

Toronto Dominion Bank Stock Performance

The stock has a market cap of $177.85 billion, a price-to-earnings ratio of 11.87, a P/E/G ratio of 1.23 and a beta of 0.71. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.09. The firm has a fifty day simple moving average of $98.22 and a 200-day simple moving average of $92.15.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last released its earnings results on Thursday, February 26th. The bank reported $1.76 EPS for the quarter, beating the consensus estimate of $1.63 by $0.13. Toronto Dominion Bank had a return on equity of 14.29% and a net margin of 17.52%.The company had revenue of $11.01 billion during the quarter, compared to analysts’ expectations of $10.43 billion. During the same period last year, the firm earned $2.02 EPS. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. Analysts forecast that Toronto Dominion Bank will post 6.87 EPS for the current fiscal year.

Toronto Dominion Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Thursday, April 9th were issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, April 9th. Toronto Dominion Bank’s payout ratio is currently 34.36%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Toronto Dominion Bank in the 4th quarter valued at about $2,125,963,000. Canerector Inc. boosted its stake in Toronto Dominion Bank by 11,028.0% during the 3rd quarter. Canerector Inc. now owns 22,256,000 shares of the bank’s stock worth $1,779,367,000 after acquiring an additional 22,056,000 shares during the last quarter. Auto Owners Insurance Co boosted its stake in Toronto Dominion Bank by 9,320.0% during the 4th quarter. Auto Owners Insurance Co now owns 3,965,443 shares of the bank’s stock worth $396,544,000 after acquiring an additional 3,923,347 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Toronto Dominion Bank by 41.6% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,899,945 shares of the bank’s stock valued at $1,121,660,000 after purchasing an additional 3,496,645 shares during the period. Finally, Alberta Investment Management Corp bought a new stake in Toronto Dominion Bank in the fourth quarter valued at approximately $299,850,000. Institutional investors own 52.37% of the company’s stock.

About Toronto Dominion Bank

Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada’s largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD’s core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.