Toronto Dominion Bank (NYSE:TD) Hits New 1-Year High – Here’s Why

Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD)’s share price reached a new 52-week high during trading on Wednesday. The company traded as high as $128.00 and last traded at $126.9530, with a volume of 65,045 shares. The stock had previously closed at $124.74.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Toronto Dominion Bank in a report on Friday, August 21st. They issued a “market perform” rating on the stock. Weiss Ratings upgraded shares of Toronto Dominion Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, October 21st. Finally, Wall Street Zen upgraded shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $148.00.

Toronto Dominion Bank Stock Performance

The stock has a market capitalization of $207.71 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 1.14 and a beta of 0.72. The firm has a fifty day moving average of $120.81 and a 200 day moving average of $110.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.03 and a quick ratio of 1.03.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last announced its quarterly earnings results on Thursday, August 27th. The bank reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.24. The company had revenue of $12.07 billion during the quarter, compared to the consensus estimate of $10.70 billion. Toronto Dominion Bank had a return on equity of 14.88% and a net margin of 14.41%. Toronto Dominion Bank’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.20 earnings per share. On average, sell-side analysts anticipate that Toronto Dominion Bank will post 7.04 earnings per share for the current fiscal year.

Toronto Dominion Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Investors of record on Friday, October 9th were paid a C$1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, October 9th. Toronto Dominion Bank’s payout ratio is currently 46.81%.

Toronto Dominion Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, September 30th that permits the company to buy back $7.14 billion in shares. This buyback authorization permits the bank to repurchase up to 3.5% of its shares through open market purchases. Share buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Toronto Dominion Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bryn Mawr Trust Advisors LLC increased its stake in shares of Toronto Dominion Bank by 3.7% in the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 2,720 shares of the bank’s stock worth $320,000 after acquiring an additional 98 shares during the last quarter. Ethic Inc. raised its holdings in shares of Toronto Dominion Bank by 13.2% during the 3rd quarter. Ethic Inc. now owns 26,170 shares of the bank’s stock worth $3,076,000 after acquiring an additional 3,045 shares during the period. Pictet Asset Management Holding SA raised its holdings in shares of Toronto Dominion Bank by 9.1% during the 3rd quarter. Pictet Asset Management Holding SA now owns 983,997 shares of the bank’s stock worth $115,973,000 after acquiring an additional 82,419 shares during the period. AlphaCentric Advisors LLC boosted its position in shares of Toronto Dominion Bank by 8.6% during the 3rd quarter. AlphaCentric Advisors LLC now owns 2,240 shares of the bank’s stock valued at $263,000 after acquiring an additional 178 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Toronto Dominion Bank by 5.2% during the 3rd quarter. Parallel Advisors LLC now owns 7,029 shares of the bank’s stock valued at $826,000 after acquiring an additional 350 shares during the last quarter. Institutional investors and hedge funds own 52.37% of the company’s stock.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank, operating as TD Bank Group, is a Canadian financial services company headquartered in Toronto, Ontario. The institution traces its history to the Bank of Toronto, founded in 1855, and the Dominion Bank, founded in 1869; the two banks merged in 1955 to form Toronto-Dominion Bank.

TD provides a broad range of banking and financial services through its Canadian and U.S. operations. Its offerings include personal and business deposit accounts, mortgages, consumer and commercial lending, credit cards, investment products, insurance, wealth management and financial advice.