The Toronto-Dominion Bank (NYSE:TD) Receives $80.50 Average Price Target from Brokerages

Shares of The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) have been given an average rating of “Hold” by the ten brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $80.50.

TD has been the topic of a number of research reports. Barclays lowered shares of Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a research report on Thursday, November 21st. Royal Bank of Canada cut their price objective on shares of Toronto-Dominion Bank from $82.00 to $77.00 and set a “sector perform” rating on the stock in a report on Friday, December 6th. StockNews.com raised Toronto-Dominion Bank from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Scotiabank cut Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a research note on Friday, December 6th. Finally, Desjardins lowered Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research note on Friday, December 6th.

Toronto-Dominion Bank Stock Performance

Toronto-Dominion Bank stock opened at $53.29 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.02. The firm has a market capitalization of $93.27 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 1.70 and a beta of 0.82. Toronto-Dominion Bank has a 1-year low of $51.74 and a 1-year high of $65.12. The company’s 50-day moving average is $56.49 and its 200 day moving average is $57.55.

Toronto-Dominion Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 10th will be paid a $0.7482 dividend. This is an increase from Toronto-Dominion Bank’s previous quarterly dividend of $0.74. This represents a $2.99 annualized dividend and a dividend yield of 5.62%. The ex-dividend date of this dividend is Friday, January 10th. Toronto-Dominion Bank’s dividend payout ratio (DPR) is currently 87.03%.

Hedge Funds Weigh In On Toronto-Dominion Bank

A number of institutional investors have recently added to or reduced their stakes in TD. The Manufacturers Life Insurance Company lifted its holdings in Toronto-Dominion Bank by 24.9% in the third quarter. The Manufacturers Life Insurance Company now owns 13,509,261 shares of the bank’s stock valued at $854,815,000 after acquiring an additional 2,689,532 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Toronto-Dominion Bank by 61.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,011,579 shares of the bank’s stock valued at $380,118,000 after purchasing an additional 2,279,864 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Toronto-Dominion Bank by 61.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,806,974 shares of the bank’s stock valued at $319,151,000 after purchasing an additional 2,215,185 shares during the last quarter. Quadrature Capital Ltd grew its holdings in shares of Toronto-Dominion Bank by 175.5% during the 3rd quarter. Quadrature Capital Ltd now owns 2,467,300 shares of the bank’s stock worth $156,202,000 after purchasing an additional 1,571,700 shares during the period. Finally, 1832 Asset Management L.P. increased its position in shares of Toronto-Dominion Bank by 6.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 25,803,480 shares of the bank’s stock worth $1,418,159,000 after purchasing an additional 1,462,794 shares during the last quarter. Hedge funds and other institutional investors 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.