Toronto Dominion Bank (NYSE:TD) Sets New 52-Week High - Here's Why

Key Points

• Toronto Dominion Bank hit a new 52-week high on Tuesday, trading as high as $122.77 and last changing hands near $122.88.
• Recent analyst activity has been mixed, but the overall view remains Moderate Buy with an average price target of $156. Some firms upgraded TD, while others downgraded it.
• The bank recently raised its quarterly dividend to $1.12 per share from $1.08, which works out to an annualized yield of about 3.6%.

Toronto Dominion Bank (The) (NYSE:TD - Get Free Report) TSE: TD's stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $122.77 and last traded at $122.8790, with a volume of 288309 shares trading hands. The stock had previously closed at $120.63.

Analysts Set New Price Targets

A number of research analysts have recently commented on TD shares. Wall Street Zen lowered Toronto Dominion Bank from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. Zacks Research downgraded shares of Toronto Dominion Bank from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Scotiabank upgraded shares of Toronto Dominion Bank from a "sector perform" rating to a "sector outperform" rating in a report on Monday, May 4th. Raymond James Financial upgraded Toronto Dominion Bank from a "market perform" rating to an "outperform" rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings cut shares of Toronto Dominion Bank from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $156.00.

Toronto Dominion Bank Stock Performance

The firm has a 50 day moving average of $114.70 and a two-hundred day moving average of $103.04. The stock has a market cap of $202.86 billion, a P/E ratio of 19.15, a P/E/G ratio of 1.34 and a beta of 0.71. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04.

Toronto Dominion Bank (NYSE:TD - Get Free Report) TSE: TD last released its earnings results on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.63 by $0.11. The firm had revenue of $11.80 billion during 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%. The business's quarterly revenue was down 31.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.97 EPS. On average, research analysts predict that Toronto Dominion Bank will post 6.86 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be paid a $1.12 dividend. The ex-dividend date is Friday, July 10th. This is a positive change from Toronto Dominion Bank's previous quarterly dividend of $1.08. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. Toronto Dominion Bank's dividend payout ratio is currently 49.14%.

Institutional Investors Weigh In On Toronto Dominion Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP grew its holdings in shares of Toronto Dominion Bank by 4.5% in the 2nd quarter. Wasatch Advisors LP now owns 4,720 shares of the bank's stock worth $573,000 after purchasing an additional 202 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its holdings in Toronto Dominion Bank by 2.9% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 15,917 shares of the bank's stock worth $1,933,000 after buying an additional 451 shares in the last quarter. Wealthcare Capital Partners LLC bought a new position in Toronto Dominion Bank in the 2nd quarter valued at $220,000. Breakwater Capital Group bought a new position in Toronto Dominion Bank in the 2nd quarter valued at $236,000. Finally, Valeo Financial Advisors LLC acquired a new stake in Toronto Dominion Bank in the second quarter worth about $258,000. 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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