Modera Wealth Management LLC Cuts Holdings in Toronto Dominion Bank (The) $TD

Key Points

• Modera Wealth Management cut its stake in Toronto Dominion Bank by 8.3% in the first quarter, selling 8,977 shares and leaving it with 98,646 shares valued at about $9.2 million.
• Toronto Dominion Bank reported better-than-expected quarterly earnings, posting $1.74 EPS versus the $1.63 estimate and $11.80 billion in revenue versus the $11.04 billion consensus.
• The bank raised its quarterly dividend to $1.12 per share from $1.08, which annualizes to a 3.6% yield; analysts currently rate the stock a Moderate Buy with a consensus target price of $156.

Modera Wealth Management LLC lowered its position in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 8.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 98,646 shares of the bank's stock after selling 8,977 shares during the period. Modera Wealth Management LLC's holdings in Toronto Dominion Bank were worth $9,205,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TD. Hillsdale Investment Management Inc. increased its position in shares of Toronto Dominion Bank by 3.0% in the first quarter. Hillsdale Investment Management Inc. now owns 1,201,500 shares of the bank's stock valued at $112,185,000 after buying an additional 34,921 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its position in shares of Toronto Dominion Bank by 433.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 16,218 shares of the bank's stock valued at $1,528,000 after buying an additional 13,179 shares in the last quarter. Alberta Investment Management Corp acquired a new stake in Toronto Dominion Bank in the 4th quarter valued at $299,850,000. JCIC Asset Management Inc. increased its holdings in Toronto Dominion Bank by 891.5% in the 4th quarter. JCIC Asset Management Inc. now owns 85,248 shares of the bank's stock worth $8,035,000 after acquiring an additional 76,650 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in Toronto Dominion Bank in the 2nd quarter worth $259,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

Toronto Dominion Bank Price Performance

TD stock opened at $123.69 on Friday. 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 business has a 50 day simple moving average of $116.01 and a 200-day simple moving average of $103.81. The firm has a market capitalization of $203.95 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 1.38 and a beta of 0.71. 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 announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $0.11. The firm had revenue of $11.80 billion for the quarter, compared to the consensus estimate of $11.04 billion. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The firm's revenue was down 31.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.97 earnings per share. Equities research analysts anticipate that Toronto Dominion Bank will post 6.86 earnings per share for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 10th will be paid a $1.12 dividend. This is a boost from Toronto Dominion Bank's previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Friday, July 10th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. Toronto Dominion Bank's dividend payout ratio is 49.14%.

Analyst Upgrades and Downgrades

TD has been the topic of several recent analyst reports. Scotiabank raised shares of Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a report on Monday, May 4th. Raymond James Financial raised shares of Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research note on Tuesday, May 12th. Zacks Research downgraded shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. 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. Finally, Royal Bank Of Canada lifted their price objective on Toronto Dominion Bank from $138.00 to $156.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $156.00.

About Toronto Dominion Bank

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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