Canaccord Genuity Group Forecasts Strong Price Appreciation for Toronto-Dominion Bank (TSE:TD) Stock

Key Points

• Canaccord Genuity raised its price target for Toronto-Dominion Bank from C$185 to C$197 and maintained a “buy” rating, implying 17.09% potential upside.
• Analyst sentiment is broadly positive, with seven buy ratings, three holds, and one sell; MarketBeat reports a consensus “Moderate Buy” rating and an average target of C$170.
• TD shares recently traded at C$168.25, while the bank reported quarterly EPS of C$2.77 and revenue of C$16.93 billion; insiders collectively own just 0.08% of the company after recent share sales.

Toronto-Dominion Bank (TSE:TD - Get Free Report) NYSE: TD had its price target boosted by analysts at Canaccord Genuity Group from C$185.00 to C$197.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 17.09% from the company's current price.

Several other equities analysts have also recently weighed in on TD. Keefe, Bruyette & Woods set a C$180.00 price target on shares of Toronto-Dominion Bank and gave the company a "hold" rating in a research report on Friday, August 21st. Royal Bank Of Canada boosted their price objective on Toronto-Dominion Bank from C$156.00 to C$173.00 and gave the stock an "outperform" rating in a report on Friday. Canadian Imperial Bank of Commerce increased their price objective on Toronto-Dominion Bank from C$184.00 to C$187.00 and gave the stock a "neutral" rating in a research note on Friday. Raymond James Financial raised their target price on Toronto-Dominion Bank from C$155.00 to C$180.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. Finally, Barclays lifted their target price on Toronto-Dominion Bank from C$164.00 to C$167.00 and gave the company an "underweight" rating in a research report on Friday. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Toronto-Dominion Bank currently has a consensus rating of "Moderate Buy" and an average price target of C$170.00.

Toronto-Dominion Bank Stock Performance

Shares of Toronto-Dominion Bank stock traded up C$0.41 during trading hours on Friday, reaching C$168.25. The company's stock had a trading volume of 1,043,349 shares, compared to its average volume of 5,520,668. Toronto-Dominion Bank has a one year low of C$100.43 and a one year high of C$175.33. The company has a market capitalization of C$277.96 billion, a P/E ratio of 19.75, a P/E/G ratio of 1.22 and a beta of 0.88. The stock's fifty day simple moving average is C$169.31 and its two-hundred day simple moving average is C$151.43.

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

Insider Activity

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

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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