Cidel Asset Management Inc. Increases Stock Holdings in Toronto Dominion Bank (The) $TD

Key Points

• Cidel Asset Management boosted its Toronto Dominion Bank stake by 184.1% in Q1, buying 371,138 additional shares and bringing its holding to 572,742 shares worth about $53.3 million.
• Toronto Dominion Bank reported better-than-expected quarterly results, with EPS of $1.74 versus $1.63 expected and revenue of $11.8 billion versus $11.04 billion forecast.
• The bank also raised its quarterly dividend to $1.12 per share from $1.08, implying an annualized yield of about 3.8%.

Cidel Asset Management Inc. lifted its stake in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 184.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 572,742 shares of the bank's stock after acquiring an additional 371,138 shares during the period. Toronto Dominion Bank accounts for 2.9% of Cidel Asset Management Inc.'s portfolio, making the stock its 5th largest position. Cidel Asset Management Inc.'s holdings in Toronto Dominion Bank were worth $53,320,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Toronto Dominion Bank by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 77,252,688 shares of the bank's stock valued at $7,280,911,000 after purchasing an additional 765,107 shares during the last quarter. TD Asset Management Inc boosted 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 buying an additional 246,999 shares in the last quarter. Norges Bank purchased a new position in shares of Toronto Dominion Bank in the 4th quarter worth approximately $2,125,963,000. Canerector Inc. grew its position in shares of Toronto Dominion Bank by 11,028.0% in the 3rd quarter. Canerector Inc. now owns 22,256,000 shares of the bank's stock worth $1,779,367,000 after buying an additional 22,056,000 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Toronto Dominion Bank by 6.8% during the 4th 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 hedge funds and other institutional investors.

Toronto Dominion Bank Stock Down 0.1%

TD stock opened at $119.44 on Wednesday. The stock has a market capitalization of $197.37 billion, a PE ratio of 18.63, a price-to-earnings-growth ratio of 1.32 and a beta of 0.72. Toronto Dominion Bank has a 52 week low of $71.30 and a 52 week high of $120.27. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average of $110.41 and a 200 day moving average of $100.16.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly earnings results on Thursday, May 28th. The bank reported $1.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.63 by $0.11. The business had revenue of $11.80 billion for the quarter, compared to analyst estimates 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 for the quarter was down 31.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.97 EPS. 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 company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be given a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, July 10th. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $1.08. Toronto Dominion Bank's payout ratio is currently 50.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TD shares. Weiss Ratings downgraded shares of Toronto Dominion Bank from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, June 11th. Scotiabank raised Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a research report on Monday, May 4th. Royal Bank Of Canada increased their price objective on Toronto Dominion Bank from $138.00 to $156.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Zacks Research downgraded Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Wall Street Zen lowered Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Toronto Dominion Bank has an average rating of "Moderate Buy" and an average target price of $156.00.

Toronto Dominion Bank Company Profile

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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