Toronto Dominion Bank (NYSE:TD) Hits New 1-Year High – Should You Buy?

Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $120.98 and last traded at $118.8230, with a volume of 89693 shares. The stock had previously closed at $119.49.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TD. Scotiabank upgraded Toronto Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, May 4th. Royal Bank Of Canada upped their price objective on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Wall Street Zen cut shares of Toronto Dominion Bank from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Raymond James Financial raised shares of Toronto Dominion Bank from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded shares of Toronto Dominion Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.00.

Toronto Dominion Bank Trading Down 0.3%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $196.91 billion, a P/E ratio of 18.59, a price-to-earnings-growth ratio of 1.32 and a beta of 0.72. The stock has a 50-day moving average of $110.41 and a two-hundred day moving average of $100.16.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last released its earnings results on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, topping the consensus estimate of $1.63 by $0.11. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The business had revenue of $11.80 billion for the quarter, compared to the consensus estimate of $11.04 billion. During the same period in the previous year, the company posted $1.97 earnings per share. The company’s revenue for the quarter was down 31.1% compared to the same quarter last year. On average, equities research analysts predict that Toronto Dominion Bank will post 6.92 earnings per share for the current year.

Toronto Dominion Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be given a dividend of $1.12 per share. This is a positive change from Toronto Dominion Bank’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Friday, July 10th. This represents a $4.48 annualized dividend and a yield of 3.8%. Toronto Dominion Bank’s payout ratio is currently 50.55%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Toronto Dominion Bank by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 77,252,688 shares of the bank’s stock valued at $7,280,911,000 after acquiring an additional 765,107 shares in the last quarter. TD Asset Management Inc boosted its stake in Toronto Dominion Bank by 0.7% during the 3rd quarter. TD Asset Management Inc now owns 37,612,007 shares of the bank’s stock valued at $3,008,096,000 after purchasing an additional 246,999 shares during the last quarter. Norges Bank bought a new stake in shares of Toronto Dominion Bank in the 4th quarter worth $2,125,963,000. Canerector Inc. raised its stake in shares of Toronto Dominion Bank by 11,028.0% in the third quarter. Canerector Inc. now owns 22,256,000 shares of the bank’s stock worth $1,779,367,000 after purchasing an additional 22,056,000 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Toronto Dominion Bank by 6.8% in the fourth quarter. Bank of Nova Scotia now owns 19,486,741 shares of the bank’s stock worth $1,836,518,000 after purchasing an additional 1,234,510 shares during the last quarter. 52.37% of the stock is owned by hedge funds and other institutional investors.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada’s largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD’s core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.