Toronto Dominion Bank (The) $TD Position Trimmed by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia trimmed its TD stake by 15.1% in Q3, selling 3,256,242 shares and now holds 18,252,231 shares (about 1.08% of TD) valued at roughly $1.46 billion, making TD its sixth-largest position.
• Toronto Dominion beat quarterly expectations with $1.76 EPS and $11.01B revenue (up 18.1% YoY), and pays a quarterly dividend of $1.08 (annualized yield ~4.6%, payout ratio ~34.8%).

Bank of Nova Scotia decreased its stake in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 15.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,252,231 shares of the bank's stock after selling 3,256,242 shares during the quarter. Toronto Dominion Bank comprises 2.6% of Bank of Nova Scotia's holdings, making the stock its 6th biggest position. Bank of Nova Scotia owned approximately 1.08% of Toronto Dominion Bank worth $1,459,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Canerector Inc. grew its holdings in shares of Toronto Dominion Bank by 11,028.0% during the third quarter. Canerector Inc. now owns 22,256,000 shares of the bank's stock valued at $1,779,367,000 after buying an additional 22,056,000 shares during the last quarter. Norges Bank purchased a new position in Toronto Dominion Bank in the 2nd quarter worth $1,543,639,000. Picton Mahoney Asset Management acquired a new stake in Toronto Dominion Bank during the 2nd quarter worth about $267,475,000. Vanguard Group Inc. lifted its position in Toronto Dominion Bank by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 77,187,442 shares of the bank's stock worth $5,677,291,000 after acquiring an additional 2,552,603 shares during the period. Finally, Public Sector Pension Investment Board grew its stake in Toronto Dominion Bank by 1,477.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 2,666,729 shares of the bank's stock valued at $195,749,000 after purchasing an additional 2,497,700 shares during the last quarter. Hedge funds and other institutional investors own 52.37% of the company's stock.

Toronto Dominion Bank Stock Performance

Shares of TD stock opened at $93.22 on Friday. Toronto Dominion Bank has a 52-week low of $54.87 and a 52-week high of $99.84. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.09. The stock has a market cap of $155.80 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 1.06 and a beta of 0.66. The business has a 50-day simple moving average of $95.48 and a 200-day simple moving average of $87.18.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last posted its earnings results on Thursday, February 26th. The bank reported $1.76 EPS for the quarter, topping the consensus estimate of $1.63 by $0.13. The firm had revenue of $11.01 billion for the quarter, compared to analyst estimates of $10.43 billion. Toronto Dominion Bank had a return on equity of 14.29% and a net margin of 17.52%.Toronto Dominion Bank's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $2.02 earnings per share. On average, equities analysts expect that Toronto Dominion Bank will post 5.48 EPS for the current year.

Toronto Dominion Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Thursday, April 9th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.6%. Toronto Dominion Bank's dividend payout ratio (DPR) is presently 34.81%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TD shares. Canadian Imperial Bank of Commerce cut Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 12th. Weiss Ratings reiterated a "buy (b)" rating on shares of Toronto Dominion Bank in a research report on Wednesday, January 21st. Raymond James Financial upgraded shares of Toronto Dominion Bank to a "hold" rating in a report on Monday, November 24th. National Bank Financial upgraded shares of Toronto Dominion Bank from a "sector perform" rating to an "outperform" rating in a research note on Thursday, December 18th. Finally, Jefferies Financial Group downgraded shares of Toronto Dominion Bank from a "buy" rating to a "hold" rating in a report on Tuesday, November 25th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.00.

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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