Summit Securities Group LLC Reduces Position in Toronto Dominion Bank (The) $TD

Summit Securities Group LLC decreased its holdings in shares of Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) by 69.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,700 shares of the bank’s stock after selling 6,000 shares during the period. Summit Securities Group LLC’s holdings in Toronto Dominion Bank were worth $252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Toronto Dominion Bank by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 77,252,688 shares of the bank’s stock valued at $7,280,911,000 after purchasing an additional 765,107 shares in the last quarter. Norges Bank purchased a new stake in Toronto Dominion Bank in the fourth quarter worth about $2,125,963,000. Bank of Nova Scotia increased its position in Toronto Dominion Bank by 6.8% in the fourth quarter. Bank of Nova Scotia now owns 19,486,741 shares of the bank’s stock worth $1,836,518,000 after buying an additional 1,234,510 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Toronto Dominion Bank by 10.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 17,014,836 shares of the bank’s stock worth $1,606,978,000 after buying an additional 1,629,062 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Toronto Dominion Bank by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 16,747,071 shares of the bank’s stock worth $1,610,733,000 after buying an additional 968,122 shares during the period. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings cut Toronto Dominion Bank from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday, June 11th. Raymond James Financial upgraded shares of Toronto Dominion Bank from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 12th. Royal Bank Of Canada lifted their price target on shares of Toronto Dominion Bank from $138.00 to $156.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Zacks Research lowered shares of Toronto Dominion Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Wall Street Zen cut shares of Toronto Dominion Bank from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.00.

Toronto Dominion Bank Stock Performance

Shares of NYSE TD opened at $119.70 on Friday. The company has a market cap of $197.80 billion, a P/E ratio of 18.67, a P/E/G ratio of 1.32 and a beta of 0.71. Toronto Dominion Bank has a 52-week low of $72.21 and a 52-week high of $122.65. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s fifty day moving average is $114.12 and its two-hundred day moving average is $102.66.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.74 EPS for the quarter, beating the consensus estimate of $1.63 by $0.11. The business had revenue of $11.80 billion during the quarter, compared to the consensus estimate of $11.04 billion. Toronto Dominion Bank had a net margin of 13.20% and a return on equity of 14.83%. The business’s revenue was down 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.97 EPS. As a group, analysts anticipate that Toronto Dominion Bank will post 6.86 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be given a $1.12 dividend. This is an increase from Toronto Dominion Bank’s previous quarterly dividend of $1.08. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, July 10th. Toronto Dominion Bank’s dividend payout ratio (DPR) is presently 48.52%.

About Toronto Dominion Bank

Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada’s largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD’s core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.