Hennessy Advisors Inc. Increases Stock Holdings in Toronto Dominion Bank (The) (NYSE:TD)

Hennessy Advisors Inc. raised its stake in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 16.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 95,200 shares of the bank's stock after buying an additional 13,300 shares during the period. Hennessy Advisors Inc.'s holdings in Toronto Dominion Bank were worth $5,706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Toronto Dominion Bank by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 74,118,551 shares of the bank's stock valued at $3,946,072,000 after buying an additional 1,415,934 shares during the period. FIL Ltd grew its position in shares of Toronto Dominion Bank by 17.3% during the 4th quarter. FIL Ltd now owns 38,989,749 shares of the bank's stock valued at $2,075,819,000 after acquiring an additional 5,756,584 shares during the period. Mackenzie Financial Corp increased its stake in shares of Toronto Dominion Bank by 5.6% in the 4th quarter. Mackenzie Financial Corp now owns 27,990,674 shares of the bank's stock worth $1,488,233,000 after purchasing an additional 1,491,472 shares in the last quarter. Norges Bank purchased a new stake in shares of Toronto Dominion Bank in the 4th quarter worth $992,204,000. Finally, Beutel Goodman & Co Ltd. raised its holdings in Toronto Dominion Bank by 3.8% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 16,803,807 shares of the bank's stock worth $894,169,000 after purchasing an additional 622,736 shares during the period. 52.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Royal Bank Of Canada upped their price target on Toronto Dominion Bank from $87.00 to $93.00 and gave the stock a "sector perform" rating in a research report on Friday, May 23rd. Jefferies Financial Group downgraded Toronto Dominion Bank from a "buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Scotiabank assumed coverage on shares of Toronto Dominion Bank in a research note on Thursday, May 15th. They set a "sector perform" rating on the stock. Finally, Wall Street Zen upgraded shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $93.00.

Toronto Dominion Bank Price Performance

Shares of Toronto Dominion Bank stock traded up $0.37 during trading on Wednesday, reaching $71.27. 899,948 shares of the stock traded hands, compared to its average volume of 2,330,272. Toronto Dominion Bank has a 52-week low of $51.25 and a 52-week high of $71.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.03 and a quick ratio of 1.03. The business has a fifty day simple moving average of $65.03 and a two-hundred day simple moving average of $59.74. The company has a market capitalization of $122.78 billion, a price-to-earnings ratio of 10.44, a P/E/G ratio of 1.75 and a beta of 0.82.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last released its quarterly earnings results on Thursday, May 22nd. The bank reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.14. The business had revenue of $10.97 billion during the quarter, compared to analysts' expectations 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. Sell-side analysts expect that Toronto Dominion Bank will post 5.48 EPS for the current year.

Toronto Dominion Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 10th will be paid a dividend of $0.7568 per share. This is an increase from Toronto Dominion Bank's previous quarterly dividend of $0.73. The ex-dividend date is Thursday, July 10th. This represents a $3.03 dividend on an annualized basis and a yield of 4.25%. Toronto Dominion Bank's dividend payout ratio is presently 42.82%.

About Toronto Dominion Bank

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.