Toronto Dominion Bank (NYSE:TD) Sets New 1-Year High - Here's What Happened

Key Points

• The Toronto Dominion Bank's share price has reached a new 52-week high of $79.49, closing at $78.82 with a recent trading volume of 273,472 shares.
• The bank recently reported quarterly earnings of $1.91 per share, exceeding analyst predictions, and announced an increase in its dividend to $1.05 per share, implying an annual yield of 5.3%.
• Analysts have issued mixed ratings, with three recommending a Buy, four a Hold, and one a Sell, while the overall consensus rating remains a Hold with a price target of $93.00.

Toronto Dominion Bank (The) (NYSE:TD - Get Free Report) TSE: TD shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $79.49 and last traded at $78.82, with a volume of 273472 shares trading hands. The stock had previously closed at $78.40.

Analyst Upgrades and Downgrades

Several research analysts recently commented on TD shares. Zacks Research downgraded shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Desjardins raised shares of Toronto Dominion Bank from a "hold" rating to a "buy" rating in a research report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $93.00.

Toronto Dominion Bank Stock Performance

The business's 50-day moving average price is $74.63 and its 200-day moving average price is $68.34. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.09. The stock has a market cap of $134.84 billion, a PE ratio of 9.26, a P/E/G ratio of 1.69 and a beta of 0.81.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last announced its earnings results on Thursday, August 28th. The bank reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.45. The company had revenue of $10.12 billion during the quarter, compared to the consensus estimate of $13.73 billion. Toronto Dominion Bank had a net margin of 16.40% and a return on equity of 13.59%. Toronto Dominion Bank's revenue was up 7.9% compared to the same quarter last year. During the same period last year, the firm earned $2.05 earnings per share. As a group, equities research analysts expect that Toronto Dominion Bank will post 5.48 earnings per share for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 10th will be paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 5.3%. This is a boost from Toronto Dominion Bank's previous quarterly dividend of $0.76. The ex-dividend date is Friday, October 10th. Toronto Dominion Bank's dividend payout ratio (DPR) is 35.40%.

Hedge Funds Weigh In On Toronto Dominion Bank

Several hedge funds have recently modified their holdings of TD. Larson Financial Group LLC boosted its stake in Toronto Dominion Bank by 122.9% in the 1st quarter. Larson Financial Group LLC now owns 428 shares of the bank's stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Quaker Wealth Management LLC lifted its stake in shares of Toronto Dominion Bank by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 428 shares of the bank's stock worth $31,000 after buying an additional 856 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in shares of Toronto Dominion Bank during the second quarter valued at $32,000. Richardson Financial Services Inc. acquired a new position in shares of Toronto Dominion Bank in the 2nd quarter valued at $34,000. Finally, Financial Management Professionals Inc. raised its stake in Toronto Dominion Bank by 322.4% in the 1st quarter. Financial Management Professionals Inc. now owns 490 shares of the bank's stock worth $29,000 after acquiring an additional 374 shares during the last quarter. Institutional investors and hedge funds own 52.37% of the company's stock.

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.