Toronto Dominion Bank (The) $TD Shares Sold by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates cut its Toronto Dominion Bank stake by 38.2% in the third quarter, selling 11,275 shares and retaining 18,232 shares valued at approximately $2.14 million. Institutional investors collectively own 52.37% of TD.
• Analyst sentiment remains positive, with TD carrying a consensus “Moderate Buy” rating and a $148 price target. Recent ratings included upgrades from Wall Street Zen and Weiss Ratings, while Keefe, Bruyette & Woods initiated coverage with a “Market Perform” rating.
• TD reported quarterly EPS of $1.98, exceeding the $1.74 consensus estimate, while revenue rose 6.9% year over year to $12.07 billion. The bank also announced a C$1.12 quarterly dividend, equivalent to a 3.6% annualized yield.

Pinnacle Associates Ltd. reduced its position in shares of Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 38.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,232 shares of the bank's stock after selling 11,275 shares during the period. Pinnacle Associates Ltd.'s holdings in Toronto Dominion Bank were worth $2,143,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. 55 North Private Wealth LLC grew its stake in shares of Toronto Dominion Bank by 6.0% in the 3rd quarter. 55 North Private Wealth LLC now owns 3,374 shares of the bank's stock valued at $397,000 after buying an additional 192 shares during the period. Genesee Capital Advisors LLC acquired a new stake in Toronto Dominion Bank during the third quarter worth $254,000. Net Worth Advisory Group increased its stake in Toronto Dominion Bank by 2.9% during the third quarter. Net Worth Advisory Group now owns 6,831 shares of the bank's stock worth $803,000 after acquiring an additional 191 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Toronto Dominion Bank by 0.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 28,674 shares of the bank's stock valued at $3,370,000 after purchasing an additional 207 shares during the period. Finally, Cordatus Wealth Management LLC lifted its stake in shares of Toronto Dominion Bank by 3.8% in the 3rd quarter. Cordatus Wealth Management LLC now owns 4,402 shares of the bank's stock valued at $517,000 after purchasing an additional 161 shares during the last quarter. 52.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a report on Saturday, August 22nd. Weiss Ratings raised shares of Toronto Dominion Bank from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Toronto Dominion Bank in a report on Friday, August 21st. They issued a "market perform" rating for the company. Two investment 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.00.

Toronto Dominion Bank Price Performance

Shares of TD opened at $124.64 on Friday. Toronto Dominion Bank has a fifty-two week low of $79.52 and a fifty-two week high of $125.64. The firm's 50 day moving average price is $119.97 and its 200 day moving average price is $116.12. The company has a market cap of $204.21 billion, a P/E ratio of 18.52, a PEG ratio of 1.24 and a beta of 0.75. 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 released its earnings results on Thursday, August 27th. The bank reported $1.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.24. Toronto Dominion Bank had a net margin of 14.41% and a return on equity of 14.88%. The company had revenue of $12.07 billion for the quarter, compared to analyst estimates of $10.70 billion. During the same period in the prior year, the business earned $2.20 EPS. The firm's quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that Toronto Dominion Bank will post 7.04 earnings per share for the current fiscal year.

Toronto Dominion Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Friday, October 9th will be given a dividend of C$1.12 per share. The ex-dividend date of this dividend is Friday, October 9th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. Toronto Dominion Bank's dividend payout ratio is currently 46.81%.

Toronto Dominion Bank Company Profile

Toronto-Dominion Bank, operating as TD Bank Group, is a Canadian financial services company headquartered in Toronto, Ontario. The institution traces its history to the Bank of Toronto, founded in 1855, and the Dominion Bank, founded in 1869; the two banks merged in 1955 to form Toronto-Dominion Bank.

TD provides a broad range of banking and financial services through its Canadian and U.S. operations. Its offerings include personal and business deposit accounts, mortgages, consumer and commercial lending, credit cards, investment products, insurance, wealth management and financial advice.

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