Royal Bank of Canada Cuts Toronto-Dominion Bank (NYSE:TD) Price Target to $77.00

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) had its target price cut by Royal Bank of Canada from $82.00 to $77.00 in a research note published on Friday,Benzinga reports. They currently have a sector perform rating on the bank’s stock.

Several other brokerages have also issued reports on TD. Scotiabank lowered Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a research report on Friday. StockNews.com downgraded shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Thursday, August 22nd. National Bank Financial upgraded shares of Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a research note on Thursday, August 22nd. Barclays lowered shares of Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a research note on Thursday, November 21st. Finally, Desjardins downgraded shares of Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $80.50.

Toronto-Dominion Bank Price Performance

NYSE TD opened at $51.96 on Friday. The firm’s fifty day simple moving average is $57.30 and its two-hundred day simple moving average is $57.65. The firm has a market capitalization of $90.94 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.86 and a beta of 0.82. 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 has a 12-month low of $51.74 and a 12-month high of $65.12.

Toronto-Dominion Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 10th will be given a dividend of $0.7482 per share. The ex-dividend date is Friday, January 10th. This is a positive change from Toronto-Dominion Bank’s previous quarterly dividend of $0.74. This represents a $2.99 dividend on an annualized basis and a yield of 5.76%. Toronto-Dominion Bank’s dividend payout ratio (DPR) is currently 87.03%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TD. Mackenzie Financial Corp lifted its holdings in Toronto-Dominion Bank by 0.8% in the second quarter. Mackenzie Financial Corp now owns 25,997,122 shares of the bank’s stock valued at $1,429,186,000 after acquiring an additional 218,807 shares during the period. 1832 Asset Management L.P. increased its holdings 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 valued at $1,418,159,000 after purchasing an additional 1,462,794 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Toronto-Dominion Bank by 5.4% in the 3rd quarter. CIBC Asset Management Inc now owns 16,515,643 shares of the bank’s stock valued at $1,046,825,000 after purchasing an additional 853,313 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Toronto-Dominion Bank by 9.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,814,269 shares of the bank’s stock worth $759,449,000 after buying an additional 1,206,574 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Toronto-Dominion Bank by 24.9% during 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 buying an additional 2,689,532 shares during the period. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Toronto-Dominion Bank Company Profile

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.