Te Ahumairangi Investment Management Ltd Lowers Holdings in Toronto Dominion Bank (The) $TD

Key Points

• Te Ahumairangi Investment Management cut its Toronto Dominion Bank stake by 45.7% in the fourth quarter, selling 26,272 shares and leaving it with 31,239 shares valued at about $2.95 million.
• Analyst sentiment on TD is mixed but still constructive: the stock has a Moderate Buy consensus with an average price target of $156, even as some firms downgraded the name while others raised targets or upgraded ratings.
• TD reported better-than-expected quarterly earnings of $1.74 per share on revenue of $11.8 billion and also raised its quarterly dividend to $1.12 per share, implying a 3.9% annualized yield.

Te Ahumairangi Investment Management Ltd decreased its stake in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 45.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,239 shares of the bank's stock after selling 26,272 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in Toronto Dominion Bank were worth $2,948,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TD. Harvest Fund Management Co. Ltd grew its holdings in shares of Toronto Dominion Bank by 112.8% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 317 shares of the bank's stock valued at $30,000 after buying an additional 168 shares during the last quarter. CBIZ Investment Advisory Services LLC purchased a new stake in shares of Toronto Dominion Bank during the fourth quarter valued at approximately $34,000. Smartleaf Asset Management LLC grew its holdings 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 buying an additional 456 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of Toronto Dominion Bank by 177.9% during the fourth quarter. Cornerstone Planning Group LLC now owns 428 shares of the bank's stock valued at $40,000 after buying an additional 274 shares during the last quarter. Finally, Sound Income Strategies LLC grew its holdings 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 buying an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 52.37% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on TD. Zacks Research cut shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Royal Bank Of Canada increased their price target on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the company an "outperform" rating in a report on Monday, June 1st. 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. Weiss Ratings lowered Toronto Dominion Bank from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce lowered Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 12th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $156.00.

Toronto Dominion Bank Stock Performance

TD stock opened at $116.28 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. Toronto Dominion Bank has a 1 year low of $70.09 and a 1 year high of $116.45. The company has a market cap of $192.14 billion, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 1.27 and a beta of 0.72. The stock's fifty day moving average price is $106.98 and its 200-day moving average price is $98.18.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, topping the consensus estimate of $1.63 by $0.11. The company had revenue of $11.80 billion during the quarter, compared to analyst estimates of $11.04 billion. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.Toronto Dominion Bank's revenue was down 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.97 earnings per share. On average, equities analysts forecast that Toronto Dominion Bank will post 6.92 earnings per share for the current year.

Toronto Dominion Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 10th will be given a $1.12 dividend. 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 annualized dividend and a yield of 3.9%. Toronto Dominion Bank's payout ratio is 48.52%.

Toronto Dominion Bank Company 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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