Toronto-Dominion Bank (NYSE:TD) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “Toronto Dominion Bank is a Canadian chartered bank and offers a wide range of business and consumer services. These services include checking and savings accounts, credit cards, mortgage and student loans,trusts, wills, estate planning,investment management services and financial and advisory services. “
A number of other research analysts have also recently commented on TD. National Bank Financial cut Toronto-Dominion Bank from an outperform rating to a sector perform rating in a report on Thursday, May 23rd. Canaccord Genuity reaffirmed a buy rating on shares of Toronto-Dominion Bank in a research note on Thursday, May 23rd. BMO Capital Markets reaffirmed a buy rating on shares of Toronto-Dominion Bank in a research note on Friday, May 24th. Finally, Barclays reaffirmed a hold rating on shares of Bank of Montreal in a research note on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $72.00.
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last posted its quarterly earnings results on Thursday, May 23rd. The bank reported $1.75 EPS for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.50. Toronto-Dominion Bank had a return on equity of 16.21% and a net margin of 20.24%. The company had revenue of $10.23 billion for the quarter, compared to analysts’ expectations of $9.46 billion. During the same period in the previous year, the firm earned $1.62 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year. Sell-side analysts expect that Toronto-Dominion Bank will post 5.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 10th will be paid a $0.5511 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend is Tuesday, July 9th. Toronto-Dominion Bank’s payout ratio is 44.93%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TD. Financial Gravity Wealth Inc. grew its position in Toronto-Dominion Bank by 105.7% in the 2nd quarter. Financial Gravity Wealth Inc. now owns 1,088 shares of the bank’s stock valued at $64,000 after acquiring an additional 559 shares during the last quarter. Community Bank N.A. grew its position in Toronto-Dominion Bank by 6.0% in the 2nd quarter. Community Bank N.A. now owns 14,429 shares of the bank’s stock valued at $842,000 after acquiring an additional 820 shares during the last quarter. Regal Investment Advisors LLC grew its position in Toronto-Dominion Bank by 4.8% in the 2nd quarter. Regal Investment Advisors LLC now owns 7,476 shares of the bank’s stock valued at $436,000 after acquiring an additional 345 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in Toronto-Dominion Bank by 29.7% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 30,811 shares of the bank’s stock valued at $1,796,000 after acquiring an additional 7,047 shares during the last quarter. Finally, Ballentine Partners LLC grew its position in Toronto-Dominion Bank by 8.8% in the 2nd quarter. Ballentine Partners LLC now owns 13,910 shares of the bank’s stock valued at $812,000 after acquiring an additional 1,129 shares during the last quarter. 48.13% of the stock is currently owned by hedge funds and other institutional investors.
About Toronto-Dominion Bank
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; financing options to customers at point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; investing, advice-based, and asset management services to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.
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