3,651,196 Shares in Toronto Dominion Bank (The) $TD Purchased by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management purchased 3,651,196 shares of Toronto Dominion Bank in Q2 (~$267.5M), making TD its second-largest holding and leaving the firm with roughly 0.21% ownership of TD.
• Dividend increase: TD raised its quarterly dividend to $1.05 (annualized $4.20), implying a ~5.1% yield and a payout ratio of about 35.16%.
• Quarterly results and outlook: TD reported Q EPS of $1.91 (beat vs. $1.46 est.) but revenue missed at $10.12B versus $13.73B expected, and analysts maintain a "Moderate Buy" consensus with an average price target of $93.

Picton Mahoney Asset Management purchased a new position in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,651,196 shares of the bank's stock, valued at approximately $267,475,000. Toronto Dominion Bank comprises about 2.8% of Picton Mahoney Asset Management's holdings, making the stock its 2nd biggest holding. Picton Mahoney Asset Management owned 0.21% of Toronto Dominion Bank at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ lifted its position in Toronto Dominion Bank by 3.3% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 243,333 shares of the bank's stock valued at $14,588,000 after purchasing an additional 7,710 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Toronto Dominion Bank by 0.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 717,506 shares of the bank's stock valued at $42,988,000 after buying an additional 5,127 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Toronto Dominion Bank by 4.5% in the 1st quarter. Mackenzie Financial Corp now owns 29,252,736 shares of the bank's stock valued at $1,752,806,000 after buying an additional 1,262,062 shares during the period. Independence Financial Advisors LLC purchased a new stake in shares of Toronto Dominion Bank in the first quarter worth about $243,000. Finally, Natixis Advisors LLC grew its holdings in Toronto Dominion Bank by 57.1% during the first quarter. Natixis Advisors LLC now owns 67,083 shares of the bank's stock worth $4,021,000 after acquiring an additional 24,378 shares during the period. 52.37% of the stock is owned by hedge funds and other institutional investors.

Toronto Dominion Bank Price Performance

Shares of Toronto Dominion Bank stock opened at $81.99 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50 day simple moving average of $80.36 and a two-hundred day simple moving average of $74.89. The stock has a market capitalization of $138.52 billion, a P/E ratio of 9.58, a PEG ratio of 1.68 and a beta of 0.79. Toronto Dominion Bank has a 12 month low of $51.25 and a 12 month high of $82.93.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.91 EPS for the quarter, topping the consensus estimate of $1.46 by $0.45. The firm had revenue of $10.12 billion during the quarter, compared to analysts' expectations of $13.73 billion. Toronto Dominion Bank had a return on equity of 13.59% and a net margin of 16.40%.The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.05 earnings per share. As a group, analysts predict that Toronto Dominion Bank will post 5.48 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Friday, October 10th were paid a dividend of $1.05 per share. The ex-dividend date of this dividend was Friday, October 10th. This represents a $4.20 annualized dividend and a yield of 5.1%. This is a boost from Toronto Dominion Bank's previous quarterly dividend of $0.76. Toronto Dominion Bank's dividend payout ratio is currently 35.16%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TD. Weiss Ratings reissued a "buy (b)" rating on shares of Toronto Dominion Bank in a report on Wednesday, October 8th. Desjardins raised shares of Toronto Dominion Bank from a "hold" rating to a "buy" rating in a report on Wednesday, August 13th. Zacks Research downgraded shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Wall Street Zen upgraded Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research note on Saturday, November 15th. Finally, Royal Bank Of Canada upgraded Toronto Dominion Bank from a "sector perform" rating to an "outperform" rating in a research report on Friday, October 3rd. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $93.00.

About Toronto Dominion Bank

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.

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