Cumberland Partners Ltd Reduces Position in Toronto Dominion Bank (The) $TD

Key Points

• Cumberland Partners Ltd cut its Toronto Dominion Bank stake by 13.1% in the first quarter, selling 14,330 shares and leaving it with 94,929 shares valued at about $8.85 million.
• Analyst sentiment has improved overall, with several firms upgrading the stock and the consensus rating sitting at Moderate Buy with a $156 target price.
• TD reported quarterly earnings of $1.74 per share, topping estimates, and raised its dividend to $1.12 per share quarterly, implying a 3.7% yield.

Cumberland Partners Ltd reduced its holdings in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 13.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,929 shares of the bank's stock after selling 14,330 shares during the period. Cumberland Partners Ltd's holdings in Toronto Dominion Bank were worth $8,847,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Toronto Dominion Bank by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 77,252,688 shares of the bank's stock valued at $7,280,911,000 after acquiring an additional 765,107 shares during the last quarter. Norges Bank purchased a new position in Toronto Dominion Bank in the 4th quarter worth approximately $2,125,963,000. Bank of Nova Scotia boosted its holdings 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 purchasing an additional 1,234,510 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of 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 purchasing an additional 1,629,062 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Toronto Dominion Bank by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 16,747,071 shares of the bank's stock valued at $1,610,733,000 after purchasing an additional 968,122 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Raymond James Financial raised Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a report on Tuesday, May 12th. Scotiabank raised Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a research note on Monday, May 4th. Royal Bank Of Canada upped their target price 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, Weiss Ratings lowered Toronto Dominion Bank from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday. 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 has a consensus rating of "Moderate Buy" and a consensus target price of $156.00.

Toronto Dominion Bank Stock Up 0.5%

Shares of NYSE TD opened at $119.82 on Friday. The company has a 50 day simple moving average of $117.29 and a 200-day simple moving average of $104.71. The company has a market capitalization of $197.09 billion, a P/E ratio of 18.69, a P/E/G ratio of 1.33 and a beta of 0.71. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. Toronto Dominion Bank has a 1 year low of $72.21 and a 1 year high of $124.87.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last released its quarterly earnings results on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.63 by $0.11. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. The firm had revenue of $11.80 billion for the quarter, compared to analyst estimates of $11.04 billion. During the same quarter in the previous year, the company earned $1.97 EPS. The business's revenue for the quarter was down 31.1% compared to the same quarter last year. On average, equities research analysts predict that Toronto Dominion Bank will post 6.86 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. Shareholders of record on Friday, July 10th will be given a $1.12 dividend. 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 yield of 3.7%. The ex-dividend date is Friday, July 10th. Toronto Dominion Bank's dividend payout ratio (DPR) is presently 49.14%.

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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