Burgundy Asset Management Ltd. Trims Stock Holdings in Toronto Dominion Bank (The) $TD

Key Points

• Burgundy Asset Management Ltd. has reduced its holdings in Toronto Dominion Bank by 14.4%, now owning approximately 0.11% of the bank, valued at $115.99 million.
• Other institutional investors, such as Oppenheimer & Co. and JPMorgan Chase & Co., increased their positions in Toronto Dominion Bank significantly during the same quarter.
• Analyst ratings for Toronto Dominion Bank are mixed, with a consensus target price of $93.00 and several upgrades in recent weeks, indicating a cautious optimism among analysts.

Burgundy Asset Management Ltd. decreased its holdings in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 14.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,933,740 shares of the bank's stock after selling 325,141 shares during the period. Burgundy Asset Management Ltd. owned 0.11% of Toronto Dominion Bank worth $115,989,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TD. Oppenheimer & Co. Inc. raised its holdings in shares of Toronto Dominion Bank by 144.6% in the first quarter. Oppenheimer & Co. Inc. now owns 11,532 shares of the bank's stock worth $691,000 after buying an additional 6,818 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Toronto Dominion Bank by 7.0% in the first quarter. Bank of New York Mellon Corp now owns 1,606,446 shares of the bank's stock worth $96,290,000 after buying an additional 104,864 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Toronto Dominion Bank by 38.6% in the first quarter. JPMorgan Chase & Co. now owns 9,994,402 shares of the bank's stock worth $599,064,000 after buying an additional 2,780,984 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Toronto Dominion Bank by 1.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,396,341 shares of the bank's stock worth $743,037,000 after buying an additional 181,781 shares during the period. Finally, Williams Financial LLC purchased a new stake in shares of Toronto Dominion Bank in the first quarter worth approximately $228,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TD shares. Desjardins upgraded Toronto Dominion Bank from a "hold" rating to a "buy" rating in a report on Wednesday, August 13th. Scotiabank assumed coverage on Toronto Dominion Bank in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Zacks Research cut Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Wall Street Zen raised Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, Royal Bank Of Canada increased their price objective on Toronto Dominion Bank from $87.00 to $93.00 and gave the stock a "sector perform" rating in a research note on Friday, May 23rd. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Toronto Dominion Bank currently has an average rating of "Hold" and an average price target of $93.00.

Toronto Dominion Bank Stock Performance

TD stock traded up $0.3650 during midday trading on Wednesday, reaching $73.6750. The stock had a trading volume of 1,621,568 shares, compared to its average volume of 2,106,549. The stock has a market cap of $126.37 billion, a PE ratio of 10.80, a P/E/G ratio of 1.62 and a beta of 0.84. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a fifty day simple moving average of $73.23 and a two-hundred day simple moving average of $65.67. Toronto Dominion Bank has a 52-week low of $51.25 and a 52-week high of $75.58.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its earnings results on Thursday, May 22nd. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.14. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $13.36 billion. Toronto Dominion Bank had a return on equity of 13.11% and a net margin of 13.53%.During the same quarter last year, the business posted $2.04 EPS. As a group, equities research analysts anticipate that Toronto Dominion Bank will post 5.48 EPS for the current year.

Toronto Dominion Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 10th were paid a $0.7568 dividend. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $0.73. The ex-dividend date was Thursday, July 10th. This represents a $3.03 dividend on an annualized basis and a yield of 4.1%. Toronto Dominion Bank's dividend payout ratio (DPR) is 45.16%.

Toronto Dominion Bank Profile

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.