Connor Clark & Lunn Investment Management Ltd. Trims Holdings in The Toronto-Dominion Bank (NYSE:TD)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) by 5.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 9,211,286 shares of the bank’s stock after selling 550,022 shares during the period. Toronto-Dominion Bank accounts for about 2.2% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 4th largest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Toronto-Dominion Bank were worth $489,779,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TD. The Manufacturers Life Insurance Company raised its stake in shares of Toronto-Dominion Bank by 24.9% in the third quarter. The Manufacturers Life Insurance Company now owns 13,509,261 shares of the bank’s stock worth $854,815,000 after purchasing an additional 2,689,532 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Toronto-Dominion Bank by 61.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,011,579 shares of the bank’s stock valued at $380,118,000 after purchasing an additional 2,279,864 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Toronto-Dominion Bank by 175.5% in the third quarter. Quadrature Capital Ltd now owns 2,467,300 shares of the bank’s stock worth $156,202,000 after acquiring an additional 1,571,700 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Toronto-Dominion Bank by 64.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,273,520 shares of the bank’s stock valued at $143,922,000 after acquiring an additional 892,183 shares during the period. Finally, CIBC Asset Management Inc grew its position in shares of Toronto-Dominion Bank by 5.4% during the 3rd quarter. CIBC Asset Management Inc now owns 16,515,643 shares of the bank’s stock valued at $1,046,825,000 after purchasing an additional 853,313 shares in the last quarter. 52.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TD. Royal Bank of Canada cut their price objective on Toronto-Dominion Bank from $82.00 to $77.00 and set a “sector perform” rating for the company in a report on Friday, December 6th. Scotiabank cut shares of Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a report on Friday, December 6th. BMO Capital Markets upgraded shares of Toronto-Dominion Bank from a “market perform” rating to an “outperform” rating in a report on Thursday, December 19th. Jefferies Financial Group downgraded Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, Bank of America upgraded shares of Toronto-Dominion Bank from a “neutral” rating to a “buy” rating in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $80.50.

Toronto-Dominion Bank Price Performance

TD opened at $57.76 on Wednesday. The firm has a market cap of $101.20 billion, a PE ratio of 16.64, a P/E/G ratio of 1.95 and a beta of 0.83. The stock has a 50-day moving average price of $57.62 and a 200-day moving average price of $57.63. The Toronto-Dominion Bank has a 1 year low of $51.25 and a 1 year high of $64.91. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03.

Toronto-Dominion Bank Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be issued a $0.7278 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.91 annualized dividend and a yield of 5.04%. Toronto-Dominion Bank’s dividend payout ratio (DPR) is presently 85.29%.

Toronto-Dominion Bank Profile

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.