Barclays Forecasts Strong Price Appreciation for Toronto-Dominion Bank (TSE:TD) Stock

Key Points

• Barclays raised its TD target price from C$164 to C$167 but maintained an “underweight” rating, implying about 0.74% downside from the stock’s C$168.25 price.
• Other brokerages were more optimistic, with National Bank, Scotiabank, RBC, Desjardins and Raymond James issuing targets between C$173 and C$190. Overall, analysts rate TD “Moderate Buy,” with an average price target of C$170.
• TD reported quarterly EPS of C$2.77 and revenue of C$16.93 billion, alongside a 13.21% net margin and 11.85% return on equity.

Toronto-Dominion Bank (TSE:TD - Get Free Report) NYSE: TD had its target price lifted by Barclays from C$164.00 to C$167.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage currently has an "underweight" rating on the stock. Barclays's price target points to a potential downside of 0.74% from the company's current price.

Several other brokerages also recently issued reports on TD. National Bank Financial set a C$190.00 price objective on Toronto-Dominion Bank and gave the stock an "outperform" rating in a research report on Monday. Scotiabank increased their target price on Toronto-Dominion Bank from C$180.00 to C$187.00 and gave the company a "sector outperform" rating in a report on Friday. Royal Bank Of Canada raised their price target on Toronto-Dominion Bank from C$156.00 to C$173.00 and gave the stock an "outperform" rating in a research report on Friday. Desjardins boosted their price target on Toronto-Dominion Bank from C$160.00 to C$183.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Finally, Raymond James Financial upped their price objective on Toronto-Dominion Bank from C$155.00 to C$180.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Toronto-Dominion Bank presently has an average rating of "Moderate Buy" and an average price target of C$170.00.

Toronto-Dominion Bank Stock Performance

TSE:TD traded up C$0.41 during mid-day trading on Friday, hitting C$168.25. 1,043,349 shares of the company's stock traded hands, compared to its average volume of 5,520,668. The firm's 50 day simple moving average is C$169.31 and its 200 day simple moving average is C$151.43. Toronto-Dominion Bank has a 1 year low of C$100.43 and a 1 year high of C$175.33. The company has a market cap of C$277.96 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 1.22 and a beta of 0.88.

Toronto-Dominion Bank (TSE:TD - Get Free Report) NYSE: TD last announced its quarterly earnings results on Thursday, August 27th. The company reported C$2.77 earnings per share (EPS) for the quarter. Toronto-Dominion Bank had a net margin of 13.21% and a return on equity of 11.85%. The company had revenue of C$16.93 billion for the quarter. On average, research analysts expect that Toronto-Dominion Bank will post 7.2160149 earnings per share for the current fiscal year.

Insider Activity at Toronto-Dominion Bank

In related news, insider Kelvin Vi Luan Tran sold 8,498 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of C$156.61, for a total transaction of C$1,330,871.78. Following the transaction, the insider owned 26,677 shares of the company's stock, valued at approximately C$4,177,884.97. This represents a 24.16% decrease in their ownership of the stock. Also, insider Paul Martyn Clark sold 27,649 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of C$161.22, for a total transaction of C$4,457,571.78. Following the sale, the insider owned 260 shares in the company, valued at approximately C$41,917.20. This trade represents a 99.07% decrease in their position. Corporate insiders own 0.08% of the company's stock.

Toronto-Dominion Bank Company Profile

TD Asset Management Inc ('TDAM'), a member of TD Bank Group, is a Canadian investment management firm with a growing global presence. Bringing together three decades of investment experience, our broad selection of strategies and solutions includes fundamental equities, quantitative and passive equities, fixed income across the credit quality spectrum and alternatives, such as private credit, infrastructure and real estate. TDAM offers institutional investment solutions to corporations, pension funds, endowments and foundations, sovereign wealth funds and superannuation funds, among others.

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