Investment Management Corp of Ontario Has $32.35 Million Stock Holdings in Toronto Dominion Bank (The) $TD

Key Points

• Investment Management Corp of Ontario increased its stake in Toronto Dominion Bank by 73.4% in the fourth quarter, ending with 343,412 shares worth about $32.35 million.
• Toronto Dominion Bank recently beat earnings and revenue expectations, reporting $1.74 EPS versus $1.63 expected and $11.80 billion in revenue versus $11.04 billion expected.
• The bank also raised its quarterly dividend to $1.12 per share, and analysts currently have a Moderate Buy consensus with an average price target of $156.00.

Investment Management Corp of Ontario boosted its stake in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 73.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 343,412 shares of the bank's stock after buying an additional 145,395 shares during the period. Investment Management Corp of Ontario's holdings in Toronto Dominion Bank were worth $32,349,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Harvest Fund Management Co. Ltd lifted its holdings in shares of Toronto Dominion Bank by 112.8% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 317 shares of the bank's stock worth $30,000 after acquiring an additional 168 shares during the period. CBIZ Investment Advisory Services LLC bought a new position in Toronto Dominion Bank in the 4th quarter valued at approximately $34,000. Cornerstone Planning Group LLC lifted its stake in Toronto Dominion Bank by 177.9% in the 4th quarter. Cornerstone Planning Group LLC now owns 428 shares of the bank's stock valued at $40,000 after purchasing an additional 274 shares during the last quarter. 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 valued at $44,000 after acquiring an additional 208 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of 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. Institutional investors and hedge funds own 52.37% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on TD shares. Wall Street Zen lowered Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Royal Bank Of Canada raised their price target on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Zacks Research cut 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 report on Tuesday, May 12th. Finally, Weiss Ratings lowered shares of Toronto Dominion Bank from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Toronto Dominion Bank presently has a consensus rating of "Moderate Buy" and an average target price of $156.00.

Toronto Dominion Bank Stock Performance

Shares of TD stock opened at $118.60 on Thursday. The firm has a market cap of $195.97 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 1.31 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The firm's 50-day simple moving average is $108.79 and its two-hundred day simple moving average is $99.17. Toronto Dominion Bank has a 52 week low of $70.50 and a 52 week high of $119.64.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last posted its earnings results on Thursday, May 28th. The bank reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.11. The firm had revenue of $11.80 billion during the quarter, compared to the consensus estimate of $11.04 billion. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. The company's revenue was down 31.1% on a year-over-year basis. During the same quarter last year, the company earned $1.97 earnings per share. As a group, equities analysts forecast that Toronto Dominion Bank will post 6.92 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. Stockholders of record on Friday, July 10th will be paid a $1.12 dividend. The ex-dividend date is Friday, July 10th. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $1.08. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. Toronto Dominion Bank's dividend payout ratio is 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.

Want to see what other hedge funds are holding TD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.