Toronto-Dominion Bank (NYSE:TD) Sees Significant Decline in Short Interest
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 4,097,100 shares, a drop of 16.3% from the July 31st total of 4,897,400 shares. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is currently 3.8 days. Approximately 0.2% of the company’s shares are sold short.
Toronto-Dominion Bank stock traded up $0.16 during midday trading on Friday, reaching $56.70. 1,791,092 shares of the stock traded hands, compared to its average volume of 1,196,985. The company has a 50-day simple moving average of $55.67 and a two-hundred day simple moving average of $56.41. Toronto-Dominion Bank has a 12-month low of $47.73 and a 12-month high of $62.00. The firm has a market cap of $103.07 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 2.16 and a beta of 1.07. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last announced its earnings results on Thursday, August 29th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.45. The company had revenue of $10.50 billion during the quarter, compared to analysts’ expectations of $9.80 billion. Toronto-Dominion Bank had a return on equity of 16.08% and a net margin of 20.02%. Toronto-Dominion Bank’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. Equities research analysts anticipate that Toronto-Dominion Bank will post 5.14 earnings per share for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its stake in shares of Toronto-Dominion Bank by 5.4% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,746 shares of the bank’s stock valued at $219,000 after buying an additional 193 shares during the period. Compagnie Lombard Odier SCmA boosted its stake in shares of Toronto-Dominion Bank by 8.6% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,714 shares of the bank’s stock valued at $158,000 after buying an additional 214 shares during the period. Private Advisor Group LLC boosted its stake in shares of Toronto-Dominion Bank by 0.8% in the 2nd quarter. Private Advisor Group LLC now owns 28,916 shares of the bank’s stock valued at $1,584,000 after buying an additional 220 shares during the period. BlackRock Inc. boosted its stake in shares of Toronto-Dominion Bank by 19.5% in the 2nd quarter. BlackRock Inc. now owns 1,386 shares of the bank’s stock valued at $81,000 after buying an additional 226 shares during the period. Finally, Eagle Ridge Investment Management boosted its stake in shares of Toronto-Dominion Bank by 0.3% in the 2nd quarter. Eagle Ridge Investment Management now owns 84,494 shares of the bank’s stock valued at $4,931,000 after buying an additional 230 shares during the period. Institutional investors and hedge funds own 50.31% of the company’s stock.
A number of equities analysts recently commented on the company. BMO Capital Markets cut Toronto-Dominion Bank from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $85.00 to $78.00 in a report on Friday, August 30th. National Bank Financial set a $84.00 target price on Toronto-Dominion Bank and gave the company a “buy” rating in a report on Friday, August 30th. Bank of America cut Toronto-Dominion Bank from a “buy” rating to a “neutral” rating and lowered their target price for the company from $82.00 to $77.00 in a report on Thursday, August 15th. CIBC set a $83.00 target price on Toronto-Dominion Bank and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Zacks Investment Research upgraded Toronto-Dominion Bank from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $78.56.
Toronto-Dominion Bank Company Profile
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; financing options to customers at point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; investing, advice-based, and asset management services to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.
Further Reading: What Does a Sell-Side Analyst Rating Mean?
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