The Manufacturers Life Insurance Company Sells 1,805,626 Shares of The Toronto-Dominion Bank (NYSE:TD)

The Manufacturers Life Insurance Company decreased its stake in The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) by 14.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,819,729 shares of the bank’s stock after selling 1,805,626 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Toronto-Dominion Bank were worth $593,878,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Trexquant Investment LP bought a new position in Toronto-Dominion Bank during the 4th quarter valued at about $469,000. Commerce Bank bought a new position in shares of Toronto-Dominion Bank during the fourth quarter valued at approximately $219,000. Gold Investment Management Ltd. purchased a new stake in shares of Toronto-Dominion Bank in the fourth quarter worth approximately $7,896,000. Scotia Capital Inc. raised its holdings in shares of Toronto-Dominion Bank by 0.9% in the fourth quarter. Scotia Capital Inc. now owns 11,097,698 shares of the bank’s stock worth $716,322,000 after buying an additional 93,854 shares during the period. Finally, Bank of Nova Scotia lifted its stake in shares of Toronto-Dominion Bank by 0.3% during the 4th quarter. Bank of Nova Scotia now owns 33,335,463 shares of the bank’s stock worth $2,154,141,000 after acquiring an additional 105,772 shares during the last quarter. Institutional investors own 52.37% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. National Bank Financial upgraded Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a research note on Thursday, August 22nd. UBS Group initiated coverage on shares of Toronto-Dominion Bank in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, StockNews.com lowered shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $84.00.

Toronto-Dominion Bank Stock Performance

Shares of Toronto-Dominion Bank stock opened at $63.32 on Friday. The Toronto-Dominion Bank has a 12 month low of $53.52 and a 12 month high of $65.12. The stock’s fifty day moving average price is $59.66 and its 200-day moving average price is $57.99. The firm has a market cap of $110.69 billion, a P/E ratio of 14.39, a P/E/G ratio of 1.86 and a beta of 0.81. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.10.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last posted its earnings results on Thursday, August 22nd. The bank reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.56. Toronto-Dominion Bank had a net margin of 6.94% and a return on equity of 14.34%. The business had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $9.40 billion. During the same quarter last year, the firm posted $1.48 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts expect that The Toronto-Dominion Bank will post 5.84 earnings per share for the current fiscal year.

Toronto-Dominion Bank Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.739 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.96 annualized dividend and a yield of 4.67%. Toronto-Dominion Bank’s dividend payout ratio (DPR) is presently 67.73%.

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.