Toronto Dominion Bank (The) (NYSE:TD) Plans C$1.12 Quarterly Dividend

Key Points

• Toronto-Dominion Bank declared a quarterly dividend of C$1.12 per share, payable October 31 to shareholders of record October 9, representing an annualized yield of approximately 3.7%.
• TD has raised its dividend for 12 consecutive years, with a current earnings payout ratio of 50.8%; analysts expect the annual dividend to remain well covered by projected earnings.
• The bank’s latest quarterly results exceeded expectations, with EPS of $1.74 versus the $1.63 consensus and revenue of $11.8 billion, although revenue declined 31.1% year over year.

Toronto Dominion Bank (The) (NYSE:TD - Get Free Report) TSE: TD declared a quarterly dividend on Thursday, August 27th. Stockholders of record on Friday, October 9th will be given a dividend of 1.12 per share by the bank on Saturday, October 31st. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, October 9th.

Toronto Dominion Bank has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 12 consecutive years. Toronto Dominion Bank has a payout ratio of 50.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Toronto Dominion Bank to earn $7.80 per share next year, which means the company should continue to be able to cover its $3.15 annual dividend with an expected future payout ratio of 40.4%.

Toronto Dominion Bank Stock Performance

Shares of NYSE TD traded up $1.65 during midday trading on Thursday, hitting $121.08. The company's stock had a trading volume of 2,941,691 shares, compared to its average volume of 2,453,650. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. Toronto Dominion Bank has a 1-year low of $72.73 and a 1-year high of $125.46. The firm's fifty day moving average price is $120.51 and its 200-day moving average price is $108.98. The firm has a market cap of $199.15 billion, a P/E ratio of 18.89, a P/E/G ratio of 1.20 and a beta of 0.72.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its earnings results on Thursday, May 28th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.11. The firm had revenue of $11.80 billion for the quarter, compared to analysts' expectations of $11.04 billion. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. Toronto Dominion Bank's revenue was down 31.1% on a year-over-year basis. During the same quarter last year, the company posted $1.97 earnings per share. On average, sell-side analysts forecast that Toronto Dominion Bank will post 6.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Toronto Dominion Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. raised its holdings in shares of Toronto Dominion Bank by 3.0% during the first quarter. Hillsdale Investment Management Inc. now owns 1,201,500 shares of the bank's stock worth $112,185,000 after acquiring an additional 34,921 shares in the last quarter. Alberta Investment Management Corp purchased a new position in Toronto Dominion Bank in the fourth quarter valued at about $299,850,000. State of Wyoming increased its position in Toronto Dominion Bank by 1,018.7% in the 1st quarter. State of Wyoming now owns 22,765 shares of the bank's stock worth $2,119,000 after purchasing an additional 20,730 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Toronto Dominion Bank in the 2nd quarter worth about $202,900,000. Finally, Ninepoint Partners LP purchased a new stake in shares of Toronto Dominion Bank during the 2nd quarter worth about $29,903,000. Institutional investors own 52.37% of the company's stock.

About Toronto Dominion Bank

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.

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