Clearbridge Investments LLC Lowers Stock Holdings in Toronto Dominion Bank (The) $TD

Key Points

• Clearbridge Investments cut its Toronto Dominion Bank stake by 12.1% in the fourth quarter, selling 287,281 shares and leaving it with 2.09 million shares valued at about $196.6 million.
• TD reported stronger-than-expected earnings for the latest quarter, with EPS of $1.74 versus the $1.63 consensus and revenue of $11.8 billion versus expectations of $11.04 billion.
• The bank raised its quarterly dividend to $1.12 per share from $1.08, implying an annualized dividend of $4.48 and a yield of about 4.0%.

Clearbridge Investments LLC reduced its position in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 12.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,086,930 shares of the bank's stock after selling 287,281 shares during the quarter. Clearbridge Investments LLC owned 0.12% of Toronto Dominion Bank worth $196,589,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its position in Toronto Dominion Bank by 112.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 317 shares of the bank's stock worth $30,000 after buying an additional 168 shares during the last quarter. CBIZ Investment Advisory Services LLC purchased a new stake in Toronto Dominion Bank in the fourth quarter worth approximately $34,000. Smartleaf Asset Management LLC grew its position in Toronto Dominion Bank by 660.9% during the second quarter. Smartleaf Asset Management LLC now owns 525 shares of the bank's stock valued at $38,000 after acquiring an additional 456 shares during the last quarter. Cornerstone Planning Group LLC raised its stake in shares of Toronto Dominion Bank by 177.9% during the fourth quarter. Cornerstone Planning Group LLC now owns 428 shares of the bank's stock worth $40,000 after acquiring an additional 274 shares in the last quarter. Finally, Sound Income Strategies LLC raised its stake in shares of Toronto Dominion Bank by 80.6% during the fourth quarter. Sound Income Strategies LLC now owns 466 shares of the bank's stock worth $44,000 after acquiring an additional 208 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. 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. Royal Bank Of Canada lifted their target price on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the stock an "outperform" rating in a research report on Monday, June 1st. Canadian Imperial Bank of Commerce lowered shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 12th. Raymond James Financial raised Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One 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. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $156.00.

Toronto Dominion Bank Stock Up 0.1%

Shares of Toronto Dominion Bank stock opened at $113.26 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. Toronto Dominion Bank has a 52-week low of $69.86 and a 52-week high of $114.56. The company's 50 day moving average price is $105.17 and its 200-day moving average price is $97.25. The stock has a market capitalization of $187.15 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 1.25 and a beta of 0.72.

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, beating the consensus estimate of $1.63 by $0.11. The business had revenue of $11.80 billion during the quarter, compared to analysts' expectations of $11.04 billion. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. The firm'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 company posted $1.97 EPS. Equities research analysts forecast that Toronto Dominion Bank will post 6.92 EPS 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. Stockholders of record on Friday, July 10th will be issued a dividend of $1.12 per share. This is an increase from Toronto Dominion Bank's previous quarterly dividend of $1.08. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, July 10th. Toronto Dominion Bank's dividend payout ratio (DPR) is currently 48.52%.

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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