Letko Brosseau & Associates Inc. Sells 289,275 Shares of Toronto Dominion Bank (The) $TD

Key Points

• Letko Brosseau & Associates cut its Toronto Dominion Bank stake by 9.5% in Q4, selling 289,275 shares and leaving it with 2,742,748 shares worth about $258.8 million.
• Analyst sentiment is still generally positive: TD has a Moderate Buy consensus rating, with an average price target of $156 after RBC raised its target and several firms adjusted ratings.
• Toronto Dominion Bank reported better-than-expected earnings for the quarter and increased its quarterly dividend to $1.12 per share, up from $1.08, implying a 3.9% annualized yield.

Letko Brosseau & Associates Inc. reduced its stake in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 9.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,742,748 shares of the bank's stock after selling 289,275 shares during the quarter. Toronto Dominion Bank accounts for 4.2% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 3rd biggest holding. Letko Brosseau & Associates Inc. owned approximately 0.16% of Toronto Dominion Bank worth $258,838,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of TD. Harvest Fund Management Co. Ltd grew 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 purchasing an additional 168 shares in the last quarter. CBIZ Investment Advisory Services LLC acquired a new stake in shares of Toronto Dominion Bank during the 4th quarter worth $34,000. Smartleaf Asset Management LLC grew its holdings in shares of Toronto Dominion Bank by 660.9% during the 2nd quarter. Smartleaf Asset Management LLC now owns 525 shares of the bank's stock worth $38,000 after purchasing an additional 456 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of Toronto Dominion Bank by 177.9% during the 4th quarter. Cornerstone Planning Group LLC now owns 428 shares of the bank's stock worth $40,000 after purchasing an additional 274 shares in the last quarter. Finally, Sound Income Strategies LLC grew its holdings in shares of Toronto Dominion Bank by 80.6% during the 4th quarter. Sound Income Strategies LLC now owns 466 shares of the bank's stock worth $44,000 after purchasing an additional 208 shares in the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce lowered Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a 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. Wall Street Zen lowered Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Royal Bank Of Canada raised their price objective on Toronto Dominion Bank from $138.00 to $156.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Finally, Zacks Research lowered Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. One 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $156.00.

Toronto Dominion Bank Stock Performance

NYSE:TD opened at $114.66 on Wednesday. The stock's 50-day simple moving average is $106.06 and its 200 day simple moving average is $97.71. The firm has a market capitalization of $189.47 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 1.26 and a beta of 0.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. Toronto Dominion Bank has a twelve month low of $70.00 and a twelve month high of $115.40.

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 EPS for the quarter, beating analysts' consensus estimates of $1.63 by $0.11. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The firm had revenue of $11.80 billion for the quarter, compared to analyst estimates of $11.04 billion. During the same period last year, the firm posted $1.97 earnings per share. The business's revenue for the quarter was down 31.1% on a year-over-year basis. On average, analysts anticipate that Toronto Dominion Bank will post 6.92 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be paid a dividend of $1.12 per share. 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. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.9%. Toronto Dominion Bank's 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.

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