Hsbc Holdings PLC Sells 1,224,013 Shares of Toronto Dominion Bank (The) $TD

Key Points

• Hsbc Holdings PLC sharply reduced its stake in Toronto Dominion Bank, selling 1,224,013 shares in the fourth quarter and leaving it with 63,499 shares valued at about $5.98 million.
• Toronto Dominion Bank reported better-than-expected quarterly results, with earnings per share of $1.74 versus estimates of $1.63 and revenue of $11.80 billion versus expectations of $11.04 billion.
• The bank also raised its quarterly dividend to $1.12 per share, up from $1.08, implying an annualized yield of 3.8%.

Hsbc Holdings PLC cut its position in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 95.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,499 shares of the bank's stock after selling 1,224,013 shares during the quarter. Hsbc Holdings PLC's holdings in Toronto Dominion Bank were worth $5,976,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its holdings in shares of Toronto Dominion Bank by 20.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 25,384 shares of the bank's stock worth $2,391,000 after purchasing an additional 4,345 shares in the last quarter. World Investment Advisors increased its position in shares of Toronto Dominion Bank by 38.1% during the fourth quarter. World Investment Advisors now owns 10,199 shares of the bank's stock valued at $961,000 after purchasing an additional 2,813 shares during the period. Auto Owners Insurance Co raised its stake in shares of Toronto Dominion Bank by 9,320.0% in the fourth quarter. Auto Owners Insurance Co now owns 3,965,443 shares of the bank's stock valued at $396,544,000 after purchasing an additional 3,923,347 shares in the last quarter. Bayban acquired a new position in shares of Toronto Dominion Bank in the fourth quarter valued at $28,000. Finally, Pure Financial Advisors LLC bought a new position in Toronto Dominion Bank in the fourth quarter worth $409,000. 52.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TD. Wall Street Zen downgraded shares of Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Scotiabank upgraded shares of Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a research note on Monday, May 4th. Zacks Research downgraded shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. 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. Finally, Royal Bank Of Canada upped their target price on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. One equities research 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $156.00.

Toronto Dominion Bank Price Performance

Shares of TD stock opened at $118.50 on Thursday. The stock's fifty day simple moving average is $113.83 and its 200 day simple moving average is $102.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $195.81 billion, a price-to-earnings ratio of 18.49, a P/E/G ratio of 1.35 and a beta of 0.71. Toronto Dominion Bank has a one year low of $72.21 and a one year high of $122.65.

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 analysts' consensus estimates of $1.63 by $0.11. The firm had revenue of $11.80 billion for the quarter, compared to analysts' expectations of $11.04 billion. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The business's revenue was down 31.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.97 earnings per share. On average, analysts expect that Toronto Dominion Bank will post 6.86 earnings per share for the current fiscal 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 $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 48.52%.

Toronto Dominion Bank 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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