Toronto Dominion Bank (NYSE:TD) Now Covered by Analysts at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods initiated coverage of Toronto Dominion Bank with a “market perform” rating. Overall analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and a $156 target price.
• TD shares rose 1.5% to $118.63, near their 52-week high of $125.46, while the bank’s market capitalization stood at approximately $195.1 billion.
• TD exceeded quarterly expectations with EPS of $1.74 versus the $1.63 estimate and revenue of $11.80 billion, though revenue declined 31.1% year over year. Institutional investors own 52.37% of the stock.

Equities researchers at Keefe, Bruyette & Woods started coverage on shares of Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD in a report issued on Friday. The brokerage set a "market perform" rating on the bank's stock.

Several other analysts have also recently weighed in on TD. Zacks Research cut shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Wall Street Zen downgraded shares of Toronto Dominion Bank from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Weiss Ratings upgraded Toronto Dominion Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Scotiabank raised Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a report on Monday, May 4th. Finally, Raymond James Financial raised Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $156.00.

Toronto Dominion Bank Trading Up 1.5%

Shares of NYSE TD traded up $1.78 during mid-day trading on Friday, reaching $118.63. 81,938 shares of the company's stock were exchanged, compared to its average volume of 2,453,737. The firm has a market capitalization of $195.12 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 1.31 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The company's 50-day moving average is $120.49 and its 200-day moving average is $108.33. Toronto Dominion Bank has a 52-week low of $72.73 and a 52-week high of $125.46.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its quarterly 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. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. The company had revenue of $11.80 billion for the quarter, compared to analyst estimates of $11.04 billion. During the same period in the prior year, the firm earned $1.97 earnings per share. The business's revenue for the quarter was down 31.1% compared to the same quarter last year. Analysts expect that Toronto Dominion Bank will post 6.9 EPS for the current fiscal year.

Institutional Trading of Toronto Dominion Bank

A number of large investors have recently made changes to their positions in TD. Vanguard Group Inc. boosted its holdings in shares of Toronto Dominion Bank by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 77,252,688 shares of the bank's stock valued at $7,280,911,000 after acquiring an additional 765,107 shares during the period. Norges Bank acquired a new stake in Toronto Dominion Bank during the 4th quarter worth $2,125,963,000. Bank of Nova Scotia grew its position in Toronto Dominion Bank by 6.8% during the 4th quarter. Bank of Nova Scotia now owns 19,486,741 shares of the bank's stock worth $1,836,518,000 after purchasing an additional 1,234,510 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Toronto Dominion Bank by 10.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 17,014,836 shares of the bank's stock valued at $1,606,978,000 after purchasing an additional 1,629,062 shares during the period. Finally, Geode Capital Management LLC increased its stake in Toronto Dominion Bank by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 16,747,071 shares of the bank's stock valued at $1,610,733,000 after purchasing an additional 968,122 shares during the period. 52.37% of the stock is owned by institutional investors and hedge funds.

About Toronto Dominion Bank

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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