Toronto Dominion Bank (NYSE:TD) Sets New 12-Month High - What's Next?

Key Points

• 52-week high: TD hit a new 52-week high of $107.06 (last $106.70) on Thursday with ~361,714 shares traded; the bank has a market cap of $178.49B and a P/E of 11.91.
• Quarterly beat: TD reported $1.76 EPS versus $1.63 expected and $11.01B in revenue versus $10.43B, with revenue up 18.1% year-over-year.
• Dividend and analyst view: TD declared a $1.08 quarterly dividend (annualized $4.32, ~4.0% yield; ex-dividend April 9, paid April 30), while analysts’ consensus is a "Moderate Buy" with an average price target of $93, below the current share price.

Toronto Dominion Bank (The) (NYSE:TD - Get Free Report) TSE: TD's share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $107.06 and last traded at $106.7030, with a volume of 361714 shares trading hands. The stock had previously closed at $104.31.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TD. Wall Street Zen raised shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research report on Saturday, April 25th. Weiss Ratings raised shares of Toronto Dominion Bank from a "buy (b)" rating to a "buy (a-)" rating in a research report on Friday, March 27th. Canadian Imperial Bank of Commerce cut shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 12th. Finally, Zacks Research cut shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $93.00.

Toronto Dominion Bank Stock Performance

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.09. The stock has a market cap of $178.49 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.20 and a beta of 0.65. The company has a 50 day simple moving average of $97.98 and a 200 day simple moving average of $92.04.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last issued its earnings results on Thursday, February 26th. The bank reported $1.76 EPS for the quarter, topping the consensus estimate of $1.63 by $0.13. The firm had revenue of $11.01 billion during the quarter, compared to the consensus estimate of $10.43 billion. Toronto Dominion Bank had a return on equity of 14.29% and a net margin of 17.52%.The business's quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.02 earnings per share. As a group, equities research analysts forecast that Toronto Dominion Bank will post 6.87 EPS for the current year.

Toronto Dominion Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Thursday, April 9th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $4.32 annualized dividend and a dividend yield of 4.0%. Toronto Dominion Bank's dividend payout ratio is currently 34.25%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TD. Norges Bank acquired a new position in shares of Toronto Dominion Bank in the fourth quarter valued at approximately $2,125,963,000. Canerector Inc. increased its stake in shares of Toronto Dominion Bank by 11,028.0% in the third quarter. Canerector Inc. now owns 22,256,000 shares of the bank's stock valued at $1,779,367,000 after buying an additional 22,056,000 shares during the period. Auto Owners Insurance Co increased its stake in shares of Toronto Dominion Bank by 9,320.0% in the fourth quarter. Auto Owners Insurance Co now owns 3,965,443 shares of the bank's stock valued at $396,544,000 after buying an additional 3,923,347 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Toronto Dominion Bank by 41.6% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,899,945 shares of the bank's stock valued at $1,121,660,000 after buying an additional 3,496,645 shares during the period. Finally, Alberta Investment Management Corp acquired a new position in shares of Toronto Dominion Bank in the fourth quarter valued at approximately $299,850,000. Institutional investors and hedge funds own 52.37% of the company's stock.

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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