Toronto-Dominion Bank (NYSE:TD) Stock Price Up 3.1% on Strong Earnings

The Toronto-Dominion Bank (NYSE:TD) (TSE:TD)’s share price rose 3.1% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $56.82 and last traded at $56.70. Approximately 898,155 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 2,996,954 shares. The stock had previously closed at $55.01.

The bank reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.15. Toronto-Dominion Bank had a return on equity of 14.35% and a net margin of 9.96%. The company had revenue of $10.18 billion during the quarter, compared to analysts’ expectations of $9.90 billion.

Toronto-Dominion Bank Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 10th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.96 annualized dividend and a yield of 5.23%. Toronto-Dominion Bank’s payout ratio is currently 68.64%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. BMO Capital Markets lowered their price target on Toronto-Dominion Bank from $86.00 to $84.00 and set a “market perform” rating for the company in a research report on Friday. Scotiabank upgraded Toronto-Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, April 17th. National Bank Financial lowered shares of Toronto-Dominion Bank from a “sector perform” rating to an “underperform” rating in a report on Thursday. Jefferies Financial Group initiated coverage on shares of Toronto-Dominion Bank in a research report on Thursday, February 22nd. They set a “hold” rating on the stock. Finally, Barclays began coverage on shares of Toronto-Dominion Bank in a research report on Wednesday, March 20th. They issued an “equal weight” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $88.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Canoe Financial LP lifted its stake in Toronto-Dominion Bank by 2,035.4% in the fourth quarter. Canoe Financial LP now owns 42,808,439 shares of the bank’s stock valued at $2,766,281,000 after buying an additional 40,803,711 shares during the last quarter. Norges Bank acquired a new position in shares of Toronto-Dominion Bank during the fourth quarter valued at $1,478,898,000. TD Asset Management Inc boosted its holdings in shares of Toronto-Dominion Bank by 28.9% during the fourth quarter. TD Asset Management Inc now owns 46,469,553 shares of the bank’s stock valued at $3,017,384,000 after acquiring an additional 10,415,591 shares during the period. Clearbridge Investments LLC bought a new stake in shares of Toronto-Dominion Bank during the fourth quarter valued at about $184,389,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Toronto-Dominion Bank by 20.1% during the third quarter. The Manufacturers Life Insurance Company now owns 17,134,868 shares of the bank’s stock valued at $1,039,691,000 after purchasing an additional 2,870,662 shares in the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

Toronto-Dominion Bank Trading Up 2.8 %

The business’s 50 day moving average is $58.05 and its two-hundred day moving average is $59.94. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $99.52 billion, a P/E ratio of 12.85, a PEG ratio of 1.71 and a beta of 0.84.

About Toronto-Dominion Bank

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.