The Toronto-Dominion Bank (NYSE:TD) Plans Dividend Increase - $0.76 Per Share

The Toronto-Dominion Bank (NYSE:TD - Get Free Report) TSE: TD declared a quarterly dividend on Friday, May 23rd, Wall Street Journal reports. Stockholders of record on Thursday, July 10th will be given a dividend of 0.7568 per share by the bank on Thursday, July 31st. This represents a $3.03 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Thursday, July 10th. This is a 4.0% increase from Toronto-Dominion Bank's previous quarterly dividend of $0.73.

Toronto-Dominion Bank has increased its dividend by an average of 8.0% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. Toronto-Dominion Bank has a dividend payout ratio of 49.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Toronto-Dominion Bank to earn $5.95 per share next year, which means the company should continue to be able to cover its $3.06 annual dividend with an expected future payout ratio of 51.4%.

Toronto-Dominion Bank Stock Down 0.2%

TD traded down $0.11 during trading on Wednesday, reaching $68.11. 1,705,157 shares of the stock traded hands, compared to its average volume of 2,368,636. The stock's 50-day simple moving average is $61.70 and its two-hundred day simple moving average is $58.30. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. Toronto-Dominion Bank has a fifty-two week low of $51.25 and a fifty-two week high of $68.74. The stock has a market cap of $118.23 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 1.95 and a beta of 0.81.

Toronto-Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last announced its quarterly earnings results on Thursday, May 22nd. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.14. Toronto-Dominion Bank had a return on equity of 13.96% and a net margin of 7.37%. The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $13.36 billion. During the same period in the previous year, the company earned $2.04 EPS. As a group, equities research analysts expect that Toronto-Dominion Bank will post 5.48 EPS for the current year.

Institutional Investors Weigh In On Toronto-Dominion Bank

An institutional investor recently raised its position in Toronto-Dominion Bank stock. Focus Partners Wealth raised its holdings in The Toronto-Dominion Bank (NYSE:TD - Free Report) TSE: TD by 27.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 24,970 shares of the bank's stock after buying an additional 5,410 shares during the quarter. Focus Partners Wealth's holdings in Toronto-Dominion Bank were worth $1,497,000 at the end of the most recent quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TD has been the subject of several recent research reports. Jefferies Financial Group downgraded shares of Toronto-Dominion Bank from a "buy" rating to a "hold" rating in a research report on Tuesday, February 18th. Scotiabank started coverage on shares of Toronto-Dominion Bank in a report on Thursday, May 15th. They issued a "sector perform" rating for the company. Wall Street Zen upgraded Toronto-Dominion Bank from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Royal Bank of Canada upped 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Toronto-Dominion Bank presently has a consensus rating of "Hold" and an average price target of $93.00.

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.