Bank of Nova Scotia Trust Co. Sells 34,545 Shares of Toronto Dominion Bank (The) (NYSE:TD)

Key Points

• The Bank of Nova Scotia Trust Co. reduced its stake in Toronto Dominion Bank by 4.3% during the first quarter, owning 763,185 shares valued at $45.7 million, making it the bank's third-largest holding.
• Toronto Dominion Bank recently increased its quarterly dividend to $0.7568 per share, which represents a 4.2% yield and a payout ratio of 45.31%.
• Analysts have a consensus target price of $93.00 for Toronto Dominion Bank, with some ratings upgraded recently, indicating a generally positive outlook despite mixed performance in earnings.

Bank of Nova Scotia Trust Co. decreased its position in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 763,185 shares of the bank's stock after selling 34,545 shares during the period. Toronto Dominion Bank accounts for 4.9% of Bank of Nova Scotia Trust Co.'s investment portfolio, making the stock its 3rd biggest holding. Bank of Nova Scotia Trust Co.'s holdings in Toronto Dominion Bank were worth $45,745,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Cumberland Partners Ltd lifted its position in Toronto Dominion Bank by 4.8% during the 1st quarter. Cumberland Partners Ltd now owns 76,698 shares of the bank's stock worth $4,598,000 after acquiring an additional 3,547 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Toronto Dominion Bank by 4.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 30,690 shares of the bank's stock worth $1,840,000 after acquiring an additional 1,368 shares during the last quarter. IFG Advisory LLC lifted its position in Toronto Dominion Bank by 165.0% during the 1st quarter. IFG Advisory LLC now owns 23,752 shares of the bank's stock worth $1,424,000 after acquiring an additional 14,790 shares during the last quarter. Alberta Investment Management Corp lifted its position in Toronto Dominion Bank by 2.9% during the 1st quarter. Alberta Investment Management Corp now owns 4,629,156 shares of the bank's stock worth $277,347,000 after acquiring an additional 131,158 shares during the last quarter. Finally, US Bancorp DE lifted its position in Toronto Dominion Bank by 19.1% during the 1st quarter. US Bancorp DE now owns 19,666 shares of the bank's stock worth $1,179,000 after acquiring an additional 3,154 shares during the last quarter. Institutional investors and hedge funds own 52.37% of the company's stock.

Toronto Dominion Bank Price Performance

NYSE:TD traded down $0.38 during trading hours on Friday, reaching $72.50. The company had a trading volume of 3,761,245 shares, compared to its average volume of 2,154,574. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $72.22 and a two-hundred day moving average of $64.36. Toronto Dominion Bank has a one year low of $51.25 and a one year high of $75.58. The firm has a market capitalization of $124.35 billion, a PE ratio of 10.63, a PEG ratio of 1.64 and a beta of 0.84.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last posted its earnings results on Thursday, May 22nd. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.14. The business had revenue of $10.97 billion for the quarter, compared to analyst estimates of $13.36 billion. Toronto Dominion Bank had a net margin of 13.53% and a return on equity of 13.11%. During the same quarter in the prior year, the firm earned $2.04 EPS. Analysts forecast that Toronto Dominion Bank will post 5.48 earnings per share for the current year.

Toronto Dominion Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 10th were paid a dividend of $0.7568 per share. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $0.73. This represents a $3.03 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Thursday, July 10th. Toronto Dominion Bank's payout ratio is currently 45.31%.

Analyst Ratings Changes

A number of research analysts have weighed in on TD shares. Scotiabank initiated coverage on shares of Toronto Dominion Bank in a research report on Thursday, May 15th. They set a "sector perform" rating for the company. Royal Bank Of Canada boosted their price objective on shares of Toronto Dominion Bank from $87.00 to $93.00 and gave the stock a "sector perform" rating in a report on Friday, May 23rd. Finally, Wall Street Zen upgraded shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Toronto Dominion Bank currently has a consensus rating of "Hold" and a consensus price target of $93.00.

About Toronto Dominion Bank

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.