Toronto Dominion Bank (NYSE:TD) Hits New 12-Month High - Should You Buy?

Key Points

• Toronto-Dominion Bank shares reached a new 52-week high of $124.99, while the stock’s average analyst rating is “Moderate Buy” with a consensus price target of $156.
• TD exceeded quarterly expectations with EPS of $1.74 versus $1.63 expected and revenue of $11.80 billion versus $11.04 billion expected, although revenue fell 31.1% year over year.
• The bank increased its quarterly dividend to $1.12 per share, equal to an annualized $4.48 payout and a 3.6% yield; institutional investors own 52.37% of the stock.

Shares of Toronto Dominion Bank (The) (NYSE:TD - Get Free Report) TSE: TD hit a new 52-week high on Monday . The stock traded as high as $124.99 and last traded at $125.2510, with a volume of 35476 shares trading hands. The stock had previously closed at $124.36.

Analysts Set New Price Targets

TD has been the topic of several analyst reports. Zacks Research downgraded shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Weiss Ratings raised shares of Toronto Dominion Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Raymond James Financial upgraded Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research note on Tuesday, May 12th. Wall Street Zen lowered Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Finally, Scotiabank upgraded Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $156.00.

Toronto Dominion Bank Trading Up 0.4%

The stock has a market cap of $205.43 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The firm's 50 day moving average is $120.05 and its two-hundred day moving average is $107.60. 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 (NYSE:TD - Get Free Report) TSE: TD last issued its earnings results on Thursday, May 28th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.11. The firm had revenue of $11.80 billion for the quarter, compared to analysts' expectations of $11.04 billion. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. Toronto Dominion Bank's revenue was down 31.1% on a year-over-year basis. During the same quarter last year, the company posted $1.97 earnings per share. Equities analysts anticipate that Toronto Dominion Bank will post 6.9 EPS for the current year.

Toronto Dominion Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 10th were given a dividend of $1.12 per share. The ex-dividend date was Friday, July 10th. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. This is an increase from Toronto Dominion Bank's previous quarterly dividend of $1.08. Toronto Dominion Bank's payout ratio is presently 49.14%.

Institutional Investors Weigh In On Toronto Dominion Bank

Large investors have recently added to or reduced their stakes in the stock. Bayban bought a new position in shares of Toronto Dominion Bank during the fourth quarter worth about $28,000. Harvest Fund Management Co. Ltd boosted its stake in Toronto Dominion Bank by 112.8% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 317 shares of the bank's stock valued at $30,000 after purchasing an additional 168 shares during the period. CBIZ Investment Advisory Services LLC acquired a new position in Toronto Dominion Bank during the 4th quarter valued at about $34,000. Brown Lisle Cummings Inc. grew its position in Toronto Dominion Bank by 88.4% in the 1st quarter. Brown Lisle Cummings Inc. now owns 407 shares of the bank's stock worth $38,000 after purchasing an additional 191 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Toronto Dominion Bank by 660.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 525 shares of the bank's stock worth $38,000 after purchasing an additional 456 shares during the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

Toronto Dominion Bank Company 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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