The Manufacturers Life Insurance Company Purchases 2,057,784 Shares of Toronto Dominion Bank (The) $TD

Key Points

• The Manufacturers Life Insurance Company increased its stake in Toronto Dominion Bank by 17.7%, owning approximately 13.7 million shares valued at $825.44 million, making it the bank's 16th largest shareholder.
• Several other institutional investors also boosted their investments in Toronto Dominion Bank, with Oppenheimer & Co. Inc. and JPMorgan Chase & Co. increasing their positions by 144.6% and 38.6%, respectively, during the first quarter.
• Toronto Dominion Bank recently declared a quarterly dividend of $1.05 per share, reflecting an increase from its previous dividend, resulting in a yield of 5.8%.

The Manufacturers Life Insurance Company lifted its holdings in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 17.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,700,503 shares of the bank's stock after purchasing an additional 2,057,784 shares during the quarter. Toronto Dominion Bank accounts for about 0.8% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 16th biggest holding. The Manufacturers Life Insurance Company owned 0.79% of Toronto Dominion Bank worth $825,440,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Canada Pension Plan Investment Board raised its stake in shares of Toronto Dominion Bank by 81.6% in the first quarter. Canada Pension Plan Investment Board now owns 10,524,446 shares of the bank's stock worth $630,746,000 after purchasing an additional 4,729,657 shares during the last quarter. State of Wyoming raised its stake in shares of Toronto Dominion Bank by 1,357.2% in the first quarter. State of Wyoming now owns 32,540 shares of the bank's stock worth $1,950,000 after purchasing an additional 30,307 shares during the last quarter. OMERS ADMINISTRATION Corp raised its stake in shares of Toronto Dominion Bank by 347.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 1,616,932 shares of the bank's stock worth $96,875,000 after purchasing an additional 1,255,880 shares during the last quarter. Eisler Capital Management Ltd. purchased a new position in shares of Toronto Dominion Bank in the first quarter worth $19,930,000. Finally, FORA Capital LLC purchased a new position in shares of Toronto Dominion Bank in the first quarter worth $1,630,000. Hedge funds and other institutional investors own 52.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. 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 note on Friday, May 23rd. Wall Street Zen upgraded Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Zacks Research cut Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Scotiabank initiated coverage on Toronto Dominion Bank in a research report on Thursday, May 15th. They set a "sector perform" rating for the company. Finally, Desjardins upgraded Toronto Dominion Bank from a "hold" rating to a "buy" rating in a research report on Wednesday, August 13th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $93.00.

Toronto Dominion Bank Price Performance

Shares of NYSE TD traded up $2.20 during mid-day trading on Monday, reaching $75.05. The company's stock had a trading volume of 2,901,963 shares, compared to its average volume of 1,942,968. The firm has a market capitalization of $128.73 billion, a PE ratio of 8.77, a P/E/G ratio of 1.63 and a beta of 0.81. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a fifty day moving average of $73.79 and a two-hundred day moving average of $66.59. Toronto Dominion Bank has a 52 week low of $51.25 and a 52 week high of $78.95.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last released its quarterly earnings data on Thursday, August 28th. The bank reported $1.91 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.45. The firm had revenue of $10.12 billion during the quarter, compared to analyst estimates of $13.73 billion. Toronto Dominion Bank had a return on equity of 13.59% and a net margin of 16.40%.The business's quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.05 earnings per share. As a group, sell-side analysts anticipate that Toronto Dominion Bank will post 5.48 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 10th will be paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 5.6%. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Friday, October 10th. Toronto Dominion Bank's dividend payout ratio is currently 35.40%.

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.