Alberta Investment Management Corp Purchases 753,300 Shares of Toronto Dominion Bank (The) $TD

Key Points

• Alberta Investment Management Corp increased its stake in Toronto Dominion Bank by 31% in the fourth quarter, buying 753,300 additional shares and bringing its total holding to 3.18 million shares.
• Toronto Dominion Bank reported better-than-expected quarterly results, with earnings per share of $1.74 versus estimates of $1.63 and revenue of $11.80 billion versus $11.04 billion expected.
• The bank also raised its quarterly dividend to $1.12 per share from $1.08, implying an annualized yield of 3.8%.

Alberta Investment Management Corp lifted its position in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 31.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,181,800 shares of the bank's stock after buying an additional 753,300 shares during the period. Toronto Dominion Bank comprises about 1.5% of Alberta Investment Management Corp's investment portfolio, making the stock its 6th largest holding. Alberta Investment Management Corp owned 0.19% of Toronto Dominion Bank worth $299,850,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TD. Vanguard Group Inc. lifted its position in Toronto Dominion Bank by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 77,252,688 shares of the bank's stock worth $7,280,911,000 after buying an additional 765,107 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Toronto Dominion Bank by 0.7% in 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 acquiring an additional 246,999 shares in the last quarter. Norges Bank acquired a new stake in shares of Toronto Dominion Bank in the fourth quarter valued at about $2,125,963,000. Canerector Inc. increased its position 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 valued at $1,779,367,000 after acquiring an additional 22,056,000 shares during the last quarter. Finally, Bank of Nova Scotia raised its holdings in Toronto Dominion Bank by 6.8% during the fourth quarter. Bank of Nova Scotia now owns 19,486,741 shares of the bank's stock worth $1,836,518,000 after acquiring an additional 1,234,510 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors.

Toronto Dominion Bank Trading Up 0.7%

Shares of NYSE:TD opened at $119.38 on Friday. Toronto Dominion Bank has a 52-week low of $70.50 and a 52-week high of $120.27. 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 capitalization of $197.27 billion, a P/E ratio of 18.62, a price-to-earnings-growth ratio of 1.31 and a beta of 0.72. The company has a 50-day simple moving average of $109.23 and a 200 day simple moving average of $99.41.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last announced its quarterly earnings results on Thursday, May 28th. The bank reported $1.74 earnings per share 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 the consensus estimate of $11.04 billion. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The business's revenue was down 31.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.97 earnings per share. Sell-side analysts forecast that Toronto Dominion Bank will post 6.92 earnings per share for the current year.

Toronto Dominion Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be paid a dividend of $1.12 per share. The ex-dividend date is Friday, July 10th. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. This is an increase from Toronto Dominion Bank's previous quarterly dividend of $1.08. Toronto Dominion Bank's dividend payout ratio is presently 48.52%.

Wall Street Analyst Weigh In

Several brokerages recently commented on TD. Scotiabank raised Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a research report on Monday, May 4th. Zacks Research cut Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Weiss Ratings downgraded Toronto Dominion Bank from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, June 11th. Raymond James Financial raised Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a report on Tuesday, May 12th. Finally, Wall Street Zen cut shares of Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Toronto Dominion Bank presently has an average rating of "Moderate Buy" and a consensus target price of $156.00.

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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