Toronto Dominion Bank (The) $TD Shares Sold by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its TD stake by 9.6%, selling 618,210 shares in the third quarter. It still held about 5.8 million shares, valued at roughly $684 million, and TD remained its largest portfolio holding.
• TD reported quarterly earnings of $1.98 per share, above the $1.74 analyst consensus, while revenue of $12.07 billion also exceeded estimates. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $148.
• The bank authorized a $7.14 billion share repurchase program, allowing it to buy back up to 3.5% of its shares, and has an annualized dividend yield of about 3.6%.

Beutel Goodman & Co Ltd. lowered its position in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 9.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,802,499 shares of the bank's stock after selling 618,210 shares during the quarter. Toronto Dominion Bank makes up approximately 5.4% of Beutel Goodman & Co Ltd.'s holdings, making the stock its biggest holding. Beutel Goodman & Co Ltd. owned approximately 0.36% of Toronto Dominion Bank worth $683,875,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TD. Hillsdale Investment Management Inc. raised its stake in shares of Toronto Dominion Bank by 3.0% in the first quarter. Hillsdale Investment Management Inc. now owns 1,201,500 shares of the bank's stock valued at $112,185,000 after acquiring an additional 34,921 shares during the last quarter. State of Wyoming raised its position in Toronto Dominion Bank by 1,018.7% in the 1st quarter. State of Wyoming now owns 22,765 shares of the bank's stock valued at $2,119,000 after purchasing an additional 20,730 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Toronto Dominion Bank in the 2nd quarter valued at $202,900,000. Ninepoint Partners LP acquired a new position in Toronto Dominion Bank in the second quarter worth $29,903,000. Finally, Bank of America Corp DE boosted its stake in Toronto Dominion Bank by 7.8% in the first quarter. Bank of America Corp DE now owns 4,967,545 shares of the bank's stock worth $463,522,000 after purchasing an additional 358,412 shares in the last quarter. 52.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on TD shares. Weiss Ratings upgraded shares of Toronto Dominion Bank from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, October 21st. Wall Street Zen upgraded shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods began coverage on shares of Toronto Dominion Bank in a research note on Friday, August 21st. They issued a "market perform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $148.00.

Toronto Dominion Bank Trading Up 1.5%

Shares of TD opened at $124.22 on Tuesday. The stock's fifty day simple moving average is $121.14 and its 200-day simple moving average is $111.38. The firm has a market capitalization of $202.39 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 1.17 and a beta of 0.72. Toronto Dominion Bank has a 12-month low of $80.23 and a 12-month high of $128.79. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.09.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last announced its quarterly earnings data on Thursday, August 27th. The bank reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.24. The firm had revenue of $12.07 billion during the quarter, compared to analyst estimates of $10.70 billion. Toronto Dominion Bank had a return on equity of 14.88% and a net margin of 14.41%. The company's revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $2.20 earnings per share. As a group, research analysts predict that Toronto Dominion Bank will post 7.04 earnings per share for the current year.

Toronto Dominion Bank announced that its board has authorized a share buyback program on Wednesday, September 30th that allows the company to repurchase $7.14 billion in shares. This buyback authorization allows the bank to reacquire up to 3.5% of its shares through open market purchases. Share buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Toronto Dominion Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Friday, October 9th were paid a C$1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, October 9th. Toronto Dominion Bank's dividend payout ratio (DPR) is 46.81%.

Toronto Dominion Bank Profile

The Toronto-Dominion Bank, commonly known as TD Bank Group, is a Canadian financial services company serving personal, business, corporate and institutional clients. Its services include everyday banking, deposits, mortgages and other lending, credit cards, wealth management, insurance and capital markets services.

TD operates primarily in Canada and the United States through businesses that include TD Canada Trust, TD Bank and TD Securities. It also provides investment and wealth-management services through its TD Wealth businesses.

The bank traces its history to the Bank of Toronto, founded in 1855.

Want to see what other hedge funds are holding TD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.