Toronto-Dominion Bank (TSE:TD) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• The Toronto-Dominion Bank's stock recently crossed above its 200-day moving average, peaking at C$112.99 during trading.
• Analysts have increased their price targets for the bank, with Canaccord Genuity raising it to C$119.00 and Royal Bank of Canada upgrading to a "moderate buy" rating.
• The bank declared a quarterly dividend of $1.05 per share, representing a 3.8% dividend yield, with the payout scheduled for October 31st.

Shares of The Toronto-Dominion Bank (TSE:TD - Get Free Report) NYSE: TD crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$97.91 and traded as high as C$112.99. Toronto-Dominion Bank shares last traded at C$110.73, with a volume of 8,010,650 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group lifted their price objective on shares of Toronto-Dominion Bank from C$113.00 to C$119.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. Desjardins lifted their price target on Toronto-Dominion Bank from C$107.00 to C$110.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Royal Bank Of Canada upgraded Toronto-Dominion Bank from a "hold" rating to a "moderate buy" rating and boosted their price objective for the company from C$93.00 to C$120.00 in a research note on Friday, October 3rd. BMO Capital Markets raised their target price on Toronto-Dominion Bank from C$102.00 to C$107.00 in a research note on Tuesday, September 30th. Finally, Jefferies Financial Group lifted their target price on Toronto-Dominion Bank from C$120.00 to C$124.00 in a report on Tuesday, September 30th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of C$106.33.

Toronto-Dominion Bank Stock Down 2.0%

The company has a market cap of C$193.98 billion, a PE ratio of 9.48, a P/E/G ratio of 1.22 and a beta of 0.95. The stock has a 50-day moving average of C$106.56 and a 200-day moving average of C$97.91.

Toronto-Dominion Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 31st will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, October 10th. Toronto-Dominion Bank's dividend payout ratio (DPR) is 35.70%.

Insider Activity

In related news, insider Ajai Bambawale sold 39,376 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of C$112.07, for a total value of C$4,412,868.32. Also, Director Nathalie Palladitcheff bought 1,000 shares of the stock in a transaction that occurred on Monday, October 6th. The stock was bought at an average cost of C$112.64 per share, for a total transaction of C$112,640.00. Following the completion of the purchase, the director directly owned 3,292 shares of the company's stock, valued at C$370,810.88. This represents a 43.63% increase in their ownership of the stock. Insiders have sold 84,384 shares of company stock valued at $9,456,915 in the last three months. 0.08% of the stock is owned by insiders.

About Toronto-Dominion Bank

Toronto-Dominion is one of Canada's two largest banks and operates three business segments: Canadian retail banking, U.S. retail banking, and wholesale banking. The bank's U.S. operations span from Maine to Florida, with a strong presence in the Northeast. It also has a 13% ownership stake in Charles Schwab.

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