Cidel Asset Management Inc. Sells 124,444 Shares of Toronto Dominion Bank (The) $TD

Key Points

• Cidel Asset Management cut its TD stake by 21.7%, selling 124,444 shares and retaining 448,298 shares valued at approximately $54.5 million. TD remains 2.6% of the firm’s portfolio, while institutional investors and hedge funds collectively own 52.37% of the stock.
• Analysts maintain a generally positive outlook, with TD receiving a consensus “Moderate Buy” rating and a $156 target price. Recent earnings surpassed expectations, with EPS of $1.98 versus the $1.74 consensus and revenue up 6.9% year over year.
• TD declared a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.7% yield, payable October 31 to shareholders of record as of October 9.

Cidel Asset Management Inc. trimmed its stake in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 21.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 448,298 shares of the bank's stock after selling 124,444 shares during the quarter. Toronto Dominion Bank makes up 2.6% of Cidel Asset Management Inc.'s portfolio, making the stock its 4th biggest position. Cidel Asset Management Inc.'s holdings in Toronto Dominion Bank were worth $54,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in TD. Norges Bank bought a new position in shares of Toronto Dominion Bank during the fourth quarter worth about $2,125,963,000. Bank of Nova Scotia increased its holdings in Toronto Dominion Bank by 6.8% in the fourth quarter. Bank of Nova Scotia now owns 19,486,741 shares of the bank's stock valued at $1,836,518,000 after buying an additional 1,234,510 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Toronto Dominion Bank by 10.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 17,014,836 shares of the bank's stock worth $1,606,978,000 after buying an additional 1,629,062 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Toronto Dominion Bank by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 16,747,071 shares of the bank's stock worth $1,610,733,000 after acquiring an additional 968,122 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Toronto Dominion Bank by 41.6% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,899,945 shares of the bank's stock valued at $1,121,660,000 after acquiring an additional 3,496,645 shares during the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TD shares. Keefe, Bruyette & Woods initiated coverage on Toronto Dominion Bank in a research report on Friday, August 21st. They set a "market perform" rating on the stock. Raymond James Financial upgraded shares of Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research report on Tuesday, May 12th. Royal Bank Of Canada boosted their price objective on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the company an "outperform" rating in a research report on Monday, June 1st. Weiss Ratings upgraded shares of Toronto Dominion Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Finally, Wall Street Zen raised shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a report on Saturday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $156.00.

Toronto Dominion Bank Price Performance

NYSE TD opened at $120.46 on Wednesday. The company has a 50-day moving average price of $120.76 and a two-hundred day moving average price of $110.55. Toronto Dominion Bank has a 52 week low of $74.64 and a 52 week high of $125.46. The stock has a market cap of $198.13 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.09.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.24. Toronto Dominion Bank had a return on equity of 14.88% and a net margin of 14.41%.The business had revenue of $12.07 billion during the quarter, compared to the consensus estimate of $10.70 billion. During the same period in the previous year, the firm posted $2.20 earnings per share. The business's revenue was up 6.9% on a year-over-year basis. Analysts forecast that Toronto Dominion Bank will post 7.04 EPS for the current year.

Toronto Dominion Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 31st. Shareholders of record on Friday, October 9th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, October 9th. Toronto Dominion Bank's payout ratio is 47.99%.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank, operating under the TD name, is a Canadian financial services company headquartered in Toronto, Ontario. The bank traces its history to the formation of The Toronto-Dominion Bank in 1955 through the merger of The Bank of Toronto, founded in 1855, and The Dominion Bank, founded in 1869.

TD provides a broad range of banking and financial services to individuals, businesses and institutions. Its offerings include personal and commercial deposit accounts, mortgages, consumer and business lending, credit cards, payment services, investment products, insurance and wealth management.

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