Toronto Dominion Bank (The) $TD Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. reduced its stake in Toronto Dominion Bank by 8.5% in the fourth quarter, selling 647,566 shares and leaving it with 7.01 million shares worth about $660.4 million.
• Toronto Dominion Bank reported better-than-expected quarterly earnings of $1.74 per share versus $1.63 estimated, while revenue also topped forecasts at $11.80 billion.
• The bank raised its quarterly dividend to $1.12 per share from $1.08, implying an annualized yield of about 3.9%; analysts currently rate the stock a consensus Moderate Buy with a $156 price target.

JPMorgan Chase & Co. cut its stake in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 8.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,010,236 shares of the bank's stock after selling 647,566 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.42% of Toronto Dominion Bank worth $660,364,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Syon Capital LLC grew its position in shares of Toronto Dominion Bank by 2.6% during the fourth quarter. Syon Capital LLC now owns 15,166 shares of the bank's stock worth $1,429,000 after buying an additional 378 shares in the last quarter. Capital World Investors lifted its stake in Toronto Dominion Bank by 1.5% during the fourth quarter. Capital World Investors now owns 81,441 shares of the bank's stock worth $7,676,000 after purchasing an additional 1,225 shares during the last quarter. Capital Research Global Investors lifted its stake in Toronto Dominion Bank by 0.4% during the fourth quarter. Capital Research Global Investors now owns 5,711,002 shares of the bank's stock worth $538,234,000 after purchasing an additional 20,157 shares during the last quarter. Tacita Capital Inc lifted its stake in Toronto Dominion Bank by 1.8% during the fourth quarter. Tacita Capital Inc now owns 46,614 shares of the bank's stock worth $4,396,000 after purchasing an additional 816 shares during the last quarter. Finally, Havemeyer Place LP purchased a new stake in Toronto Dominion Bank during the fourth quarter worth approximately $1,026,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Toronto Dominion Bank Price Performance

TD stock opened at $114.66 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. Toronto Dominion Bank has a fifty-two week low of $70.00 and a fifty-two week high of $115.40. The business has a 50 day moving average price of $106.06 and a 200 day moving average price of $97.71. The stock has a market cap of $189.47 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 1.26 and a beta of 0.72.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates of $1.63 by $0.11. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The company had revenue of $11.80 billion during the quarter, compared to analysts' expectations of $11.04 billion. During the same quarter in the previous year, the business earned $1.97 earnings per share. The firm's revenue for the quarter was down 31.1% on a year-over-year basis. Equities research analysts anticipate that Toronto Dominion Bank will post 6.92 earnings per share for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 10th will be paid a $1.12 dividend. This is an increase from Toronto Dominion Bank's previous quarterly dividend of $1.08. This represents a $4.48 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, July 10th. Toronto Dominion Bank's dividend payout ratio (DPR) is presently 48.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TD shares. Wall Street Zen cut Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Zacks Research cut Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Scotiabank upgraded Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a research note on Monday, May 4th. Weiss Ratings cut Toronto Dominion Bank from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, May 29th. Finally, Raymond James Financial upgraded Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Toronto Dominion Bank has a consensus rating of "Moderate Buy" and a consensus price target of $156.00.

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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