Toronto-Dominion Bank (NYSE:TD) Reaches New 52-Week High – Here’s Why

Shares of The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) reached a new 52-week high on Tuesday . The stock traded as high as $65.02 and last traded at $64.84, with a volume of 153371 shares. The stock had previously closed at $64.74.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TD. Scotiabank started coverage on shares of Toronto-Dominion Bank in a research note on Thursday, May 15th. They set a “sector perform” rating for the company. Jefferies Financial Group lowered shares of Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, StockNews.com upgraded Toronto-Dominion Bank from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $80.50.

Toronto-Dominion Bank Trading Up 3.7%

The firm has a market capitalization of $116.63 billion, a PE ratio of 19.41, a PEG ratio of 1.95 and a beta of 0.81. The business has a fifty day moving average price of $61.08 and a two-hundred day moving average price of $57.97. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11.

Toronto-Dominion Bank Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Thursday, April 10th were paid a dividend of $0.7278 per share. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $2.91 annualized dividend and a yield of 4.33%. Toronto-Dominion Bank’s payout ratio is 85.59%.

Institutional Investors Weigh In On Toronto-Dominion Bank

Several hedge funds and other institutional investors have recently made changes to their positions in TD. Asahi Life Asset Management CO. LTD. purchased a new position in shares of Toronto-Dominion Bank during the fourth quarter worth about $416,000. Vanguard Group Inc. raised its holdings in Toronto-Dominion Bank by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 74,118,551 shares of the bank’s stock valued at $3,946,072,000 after acquiring an additional 1,415,934 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Toronto-Dominion Bank by 3.4% during the 4th quarter. JPMorgan Chase & Co. now owns 7,213,418 shares of the bank’s stock worth $384,042,000 after acquiring an additional 236,037 shares during the period. Nicola Wealth Management LTD. grew its position in Toronto-Dominion Bank by 15.5% during the fourth quarter. Nicola Wealth Management LTD. now owns 510,002 shares of the bank’s stock valued at $27,153,000 after acquiring an additional 68,400 shares during the period. Finally, Te Ahumairangi Investment Management Ltd lifted its stake in shares of Toronto-Dominion Bank by 21.2% during the fourth quarter. Te Ahumairangi Investment Management Ltd now owns 63,581 shares of the bank’s stock worth $3,383,000 after purchasing an additional 11,100 shares in the last quarter. Institutional investors and hedge funds own 52.37% of the company’s stock.

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.