Toronto Dominion Bank (NYSE:TD) Issues Quarterly Earnings Results, Beats Expectations By $0.45 EPS

Key Points

• Toronto Dominion Bank reported an earnings per share (EPS) of $1.91, surpassing expectations by $0.45, with a net margin of 13.53% and a return on equity of 13.11%.
• The bank declared a quarterly dividend of $1.05 per share, an increase from the previous dividend of $0.76, resulting in an annualized dividend yield of 5.8%.
• Toronto Dominion Bank's stock received mixed ratings from analysts, with three maintaining a Buy rating, four a Hold rating, and one a Sell rating, while the price target has been increased to $93.00.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD announced its earnings results on Thursday. The bank reported $1.91 EPS for the quarter, beating the consensus estimate of $1.46 by $0.45, Zacks reports. Toronto Dominion Bank had a return on equity of 13.11% and a net margin of 13.53%.The business had revenue of $10.12 billion for the quarter, compared to analysts' expectations of $13.73 billion. During the same period in the prior year, the business posted $2.05 earnings per share. The firm's revenue was up 7.9% on a year-over-year basis.

Toronto Dominion Bank Price Performance

Shares of NYSE:TD opened at $72.86 on Friday. 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 has a twelve month low of $51.25 and a twelve month high of $78.95. The stock's 50 day moving average is $73.70 and its 200-day moving average is $66.40. The firm has a market capitalization of $124.97 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 1.67 and a beta of 0.84.

Toronto Dominion Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 10th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 5.8%. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $0.76. Toronto Dominion Bank's dividend payout ratio is presently 45.16%.

Hedge Funds Weigh In On Toronto Dominion Bank

A number of institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. raised its position in shares of Toronto Dominion Bank by 88.2% during the second quarter. Geneos Wealth Management Inc. now owns 4,398 shares of the bank's stock worth $323,000 after purchasing an additional 2,061 shares during the period. Corient Private Wealth LLC lifted its stake in Toronto Dominion Bank by 53.7% during the 2nd quarter. Corient Private Wealth LLC now owns 114,850 shares of the bank's stock valued at $8,436,000 after acquiring an additional 40,147 shares in the last quarter. Vident Advisory LLC lifted its stake in Toronto Dominion Bank by 22.8% during the 2nd quarter. Vident Advisory LLC now owns 7,046 shares of the bank's stock valued at $518,000 after acquiring an additional 1,308 shares in the last quarter. Wasatch Advisors LP lifted its stake in Toronto Dominion Bank by 4.2% during the 2nd quarter. Wasatch Advisors LP now owns 50,210 shares of the bank's stock valued at $3,695,000 after acquiring an additional 2,021 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in Toronto Dominion Bank during the 2nd quarter valued at $694,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on TD shares. Wall Street Zen upgraded Toronto Dominion Bank from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Desjardins upgraded Toronto Dominion Bank from a "hold" rating to a "buy" rating in a report on Wednesday, August 13th. Scotiabank initiated coverage on Toronto Dominion Bank in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Zacks Research lowered Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Finally, Royal Bank Of Canada boosted their price target on Toronto Dominion Bank from $87.00 to $93.00 and gave the company a "sector perform" rating in a research note on Friday, May 23rd. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.