Toronto Dominion Bank (The) (NYSE:TD) Increases Dividend to $1.05 Per Share

Key Points

• Toronto Dominion Bank has announced a quarterly dividend increase to $1.05 per share, reflecting a 38.7% increase from its previous dividend of $0.76, effective from October 31st.
• The bank's current dividend payout ratio is 49.4%, suggesting the dividend is well-covered by earnings, and a projected future payout ratio of 51.4% indicates continued sustainability of the dividend.
• Toronto Dominion Bank's stock has seen a 1.3% increase recently, with a current price of $76.19, and analysts have given it a consensus rating of "Hold" with a target price of $93.00.

Toronto Dominion Bank (The) (NYSE:TD - Get Free Report) TSE: TD declared a quarterly dividend on Thursday, August 28th, RTT News reports. Shareholders of record on Friday, October 10th will be given a dividend of 1.05 per share by the bank on Friday, October 31st. This represents a c) annualized dividend and a yield of 5.5%. This is a 38.7% increase from Toronto Dominion Bank's previous quarterly dividend of $0.76.

Toronto Dominion Bank has a dividend payout ratio of 49.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Toronto Dominion Bank to earn $5.95 per share next year, which means the company should continue to be able to cover its $3.06 annual dividend with an expected future payout ratio of 51.4%.

Toronto Dominion Bank Stock Up 1.3%

NYSE:TD opened at $76.19 on Thursday. Toronto Dominion Bank has a 1 year low of $51.25 and a 1 year high of $76.50. The stock has a 50-day moving average price of $73.67 and a two-hundred day moving average price of $66.31. The stock has a market cap of $130.68 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 1.65 and a beta of 0.84. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TD. Scotiabank initiated coverage on Toronto Dominion Bank in a research note on Thursday, May 15th. They set a "sector perform" rating for the company. Zacks Research cut 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 note on Wednesday, August 13th. Wall Street Zen raised shares of Toronto Dominion Bank from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Royal Bank Of Canada increased their target price on shares of Toronto Dominion Bank from $87.00 to $93.00 and gave the stock a "sector perform" rating in a report on Friday, May 23rd. Three analysts have rated the stock with a Buy rating, four have given 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 a consensus 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.

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