The Toronto-Dominion Bank (NYSE:TD) to Post Q2 2023 Earnings of $1.57 Per Share, Cormark Forecasts

The Toronto-Dominion Bank (NYSE:TD – Get Rating) (TSE:TD) – Analysts at Cormark lowered their Q2 2023 earnings per share estimates for Toronto-Dominion Bank in a research report issued to clients and investors on Tuesday, May 23rd. Cormark analyst L. Persaud now expects that the bank will earn $1.57 per share for the quarter, down from their prior estimate of $1.60. The consensus estimate for Toronto-Dominion Bank’s current full-year earnings is $6.44 per share. Cormark also issued estimates for Toronto-Dominion Bank’s FY2023 earnings at $6.48 EPS and FY2024 earnings at $6.76 EPS.

Toronto-Dominion Bank (NYSE:TD – Get Rating) (TSE:TD) last announced its earnings results on Thursday, March 2nd. The bank reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.03. The business had revenue of $9.01 billion for the quarter, compared to analysts’ expectations of $8.97 billion. Toronto-Dominion Bank had a return on equity of 16.02% and a net margin of 18.23%.

Several other brokerages have also commented on TD. StockNews.com lowered Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Saturday, May 20th. Desjardins raised their target price on Toronto-Dominion Bank from C$105.00 to C$106.00 in a research note on Tuesday, February 7th. Barclays lowered Toronto-Dominion Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, May 9th. CIBC upgraded Toronto-Dominion Bank from a “neutral” rating to a “sector outperform” rating in a research note on Monday, April 17th. Finally, Scotiabank upgraded Toronto-Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, March 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $100.57.

Toronto-Dominion Bank Stock Down 2.5 %

Shares of NYSE TD opened at $59.68 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $109.79 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 1.53 and a beta of 0.88. The stock’s fifty day simple moving average is $59.98 and its two-hundred day simple moving average is $63.98. Toronto-Dominion Bank has a 12-month low of $55.43 and a 12-month high of $77.15.

Institutional Investors Weigh In On Toronto-Dominion Bank

Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Toronto-Dominion Bank during the 4th quarter valued at approximately $1,484,341,000. National Bank of Canada FI raised its position in shares of Toronto-Dominion Bank by 406.1% during the 4th quarter. National Bank of Canada FI now owns 26,796,674 shares of the bank’s stock valued at $1,734,653,000 after buying an additional 21,501,478 shares during the period. JPMorgan Chase & Co. raised its position in shares of Toronto-Dominion Bank by 40.7% during the 1st quarter. JPMorgan Chase & Co. now owns 15,905,184 shares of the bank’s stock valued at $952,719,000 after buying an additional 4,604,833 shares during the period. Canada Pension Plan Investment Board raised its position in Toronto-Dominion Bank by 59.6% in the third quarter. Canada Pension Plan Investment Board now owns 9,357,770 shares of the bank’s stock valued at $576,973,000 after purchasing an additional 3,493,369 shares during the period. Finally, Toronto Dominion Bank raised its position in Toronto-Dominion Bank by 45.0% in the third quarter. Toronto Dominion Bank now owns 11,007,320 shares of the bank’s stock valued at $675,016,000 after purchasing an additional 3,417,464 shares during the period. 49.22% of the stock is currently owned by institutional investors and hedge funds.

Toronto-Dominion Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, April 30th. Stockholders of record on Thursday, April 6th were given a dividend of $0.721 per share. The ex-dividend date of this dividend was Wednesday, April 5th. This is a boost from Toronto-Dominion Bank’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 4.83%. Toronto-Dominion Bank’s dividend payout ratio (DPR) is 44.87%.

About Toronto-Dominion Bank

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The Toronto-Dominion Bank engages in the provision of financial products and services. It operates through the following segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The Canadian Retail segment offers various financial products and services, as well as telephone, Internet, and mobile banking services.