Bank of Nova Scotia Has $1.46 Billion Stake in Toronto Dominion Bank (The) (NYSE:TD)

Key Points

• Bank of Nova Scotia reduced its stake in Toronto Dominion Bank by 27.2%, now holding 24.3 million shares, which represent about 3.5% of its portfolio.
• Toronto Dominion Bank reported earnings of $1.39 per share for the latest quarter, exceeding estimates, but revenue fell short at $10.97 billion compared to expectations of $13.36 billion.
• In a recent dividend increase, Toronto Dominion Bank announced a boost from $0.73 to $0.7568 per share, with an annual yield of 4.2%.

Bank of Nova Scotia lowered its position in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 27.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,311,539 shares of the bank's stock after selling 9,090,026 shares during the quarter. Toronto Dominion Bank accounts for about 3.5% of Bank of Nova Scotia's holdings, making the stock its 5th largest position. Bank of Nova Scotia owned 1.40% of Toronto Dominion Bank worth $1,456,982,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of TD. MFA Wealth Services increased its position in shares of Toronto Dominion Bank by 4.5% in the first quarter. MFA Wealth Services now owns 4,179 shares of the bank's stock valued at $250,000 after acquiring an additional 179 shares during the last quarter. Hexagon Capital Partners LLC increased its position in shares of Toronto Dominion Bank by 14.5% in the first quarter. Hexagon Capital Partners LLC now owns 1,500 shares of the bank's stock valued at $90,000 after acquiring an additional 190 shares during the last quarter. JFS Wealth Advisors LLC increased its position in shares of Toronto Dominion Bank by 6.0% in the first quarter. JFS Wealth Advisors LLC now owns 3,421 shares of the bank's stock valued at $205,000 after acquiring an additional 194 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Toronto Dominion Bank by 14.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,619 shares of the bank's stock valued at $97,000 after acquiring an additional 202 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Toronto Dominion Bank by 57.5% in the fourth quarter. CoreCap Advisors LLC now owns 630 shares of the bank's stock valued at $34,000 after acquiring an additional 230 shares during the last quarter. Institutional investors own 52.37% of the company's stock.

Toronto Dominion Bank Price Performance

Shares of TD stock traded down $0.38 during trading on Friday, hitting $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 debt-to-equity ratio of 0.09, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $124.35 billion, a P/E ratio of 10.63, a price-to-earnings-growth ratio of 1.64 and a beta of 0.84. The stock's 50-day moving average price is $72.22 and its 200 day moving average price is $64.36. Toronto Dominion Bank has a one year low of $51.25 and a one year high of $75.58.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly earnings results on Thursday, May 22nd. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.14. The business had revenue of $10.97 billion during the quarter, compared to analysts' expectations of $13.36 billion. Toronto Dominion Bank had a return on equity of 13.11% and a net margin of 13.53%. During the same period in the previous year, the company posted $2.04 earnings per share. Equities analysts expect that Toronto Dominion Bank will post 5.48 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The firm also recently announced 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. The ex-dividend date was Thursday, July 10th. This is a boost from Toronto Dominion Bank's previous quarterly dividend of $0.73. This represents a $3.03 annualized dividend and a yield of 4.2%. Toronto Dominion Bank's dividend payout ratio is currently 45.31%.

Wall Street Analysts Forecast Growth

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

Toronto Dominion Bank Company Profile

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.