Toronto Dominion Bank (The) $TD Stock Sold by Heathbridge Capital Management Ltd.

Key Points

• Heathbridge Capital cut its TD stake by 10.2%, selling 21,675 shares in the third quarter; it still held 190,875 shares worth about $22.4 million, its largest portfolio position.
• TD reported quarterly earnings of $1.98 per share, beating the $1.74 consensus, while revenue of $12.07 billion also exceeded estimates and rose 6.9% year over year.
• The bank authorized a $7.14 billion share buyback covering up to 3.5% of shares and pays an annualized dividend of $4.48, a 3.6% yield. Analysts’ consensus rating is “Moderate Buy,” with a $148 price target.

Heathbridge Capital Management Ltd. lessened its position in Toronto Dominion Bank (The) (NYSE:TD - Free Report) TSE: TD by 10.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,875 shares of the bank's stock after selling 21,675 shares during the quarter. Toronto Dominion Bank comprises 7.5% of Heathbridge Capital Management Ltd.'s holdings, making the stock its largest position. Heathbridge Capital Management Ltd.'s holdings in Toronto Dominion Bank were worth $22,439,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TD. Dimensional Fund Advisors LP increased its position in shares of Toronto Dominion Bank by 8.4% during the first quarter. Dimensional Fund Advisors LP now owns 7,565,982 shares of the bank's stock worth $705,950,000 after purchasing an additional 589,316 shares in the last quarter. Bank of America Corp DE raised its stake in Toronto Dominion Bank by 7.8% in the 1st quarter. Bank of America Corp DE now owns 4,967,545 shares of the bank's stock valued at $463,522,000 after purchasing an additional 358,412 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Toronto Dominion Bank in the 2nd quarter valued at $202,900,000. SEB Asset Management AB purchased a new position in Toronto Dominion Bank in the 1st quarter valued at $139,123,000. Finally, Hillsdale Investment Management Inc. lifted its holdings in Toronto Dominion Bank by 3.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 1,201,500 shares of the bank's stock valued at $112,185,000 after purchasing an additional 34,921 shares in the last quarter. Hedge funds and other institutional investors own 52.37% of the company's stock.

Analyst Upgrades and Downgrades

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

Toronto Dominion Bank Stock Down 0.3%

TD stock opened at $124.72 on Wednesday. Toronto Dominion Bank has a one year low of $79.52 and a one year high of $127.96. The firm has a market cap of $203.20 billion, a PE ratio of 17.74, a PEG ratio of 1.14 and a beta of 0.72. The firm's 50 day moving average price is $120.81 and its 200-day moving average price is $110.76. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.03 and a current ratio of 1.03.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last posted its earnings results on Thursday, August 27th. The bank reported $1.98 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.24. The company had revenue of $12.07 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.20 earnings per share. On average, equities research analysts anticipate that Toronto Dominion Bank will post 7.04 EPS for the current year.

Toronto Dominion Bank declared that its Board of Directors has authorized a stock buyback program on Wednesday, September 30th that authorizes the company to repurchase $7.14 billion in outstanding shares. This buyback authorization authorizes the bank to buy 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 shares are undervalued.

Toronto Dominion Bank Dividend Announcement

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

Toronto Dominion Bank 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.

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.