Saturna Capital CORP lessened its stake in Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) by 18.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,659 shares of the bank’s stock after selling 15,480 shares during the period. Saturna Capital CORP’s holdings in Toronto Dominion Bank were worth $3,807,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Intact Investment Management Inc. raised its position in Toronto Dominion Bank by 3.3% in the second quarter. Intact Investment Management Inc. now owns 2,086,105 shares of the bank’s stock worth $136,264,000 after purchasing an additional 66,130 shares in the last quarter. Public Sector Pension investment Board raised its position in Toronto Dominion Bank by 1,745.0% in the second quarter. Public Sector Pension investment Board now owns 3,658,692 shares of the bank’s stock worth $184,104,000 after purchasing an additional 3,881,100 shares in the last quarter. Cardinal Capital Management raised its position in Toronto Dominion Bank by 10.9% in the third quarter. Cardinal Capital Management now owns 36,623 shares of the bank’s stock worth $2,060,000 after purchasing an additional 3,594 shares in the last quarter. FineMark National Bank & Trust raised its position in Toronto Dominion Bank by 23.7% in the third quarter. FineMark National Bank & Trust now owns 13,224 shares of the bank’s stock worth $744,000 after purchasing an additional 2,535 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in Toronto Dominion Bank by 26.7% in the second quarter. Voya Investment Management LLC now owns 96,513 shares of the bank’s stock worth $4,856,000 after purchasing an additional 20,346 shares in the last quarter. Institutional investors and hedge funds own 48.66% of the company’s stock.
TD has been the subject of several recent research reports. Macquarie initiated coverage on shares of Toronto Dominion Bank in a research report on Tuesday, October 24th. They issued an “outperform” rating for the company. Canaccord Genuity reissued a “buy” rating and issued a $80.00 price target on shares of Toronto Dominion Bank in a research report on Thursday, November 30th. BidaskClub raised shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Zacks Investment Research raised shares of Toronto Dominion Bank from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Wednesday, August 9th. Finally, Scotiabank reissued a “buy” rating and issued a $83.00 price target on shares of Toronto Dominion Bank in a research report on Wednesday, November 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $72.50.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 10th will be issued a dividend of $0.466 per share. This represents a $1.86 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Tuesday, January 9th. Toronto Dominion Bank’s payout ratio is 44.18%.
Toronto Dominion Bank announced that its board has authorized a stock buyback program on Thursday, August 31st that permits the company to buyback 20,000,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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Toronto Dominion Bank Profile
Toronto-Dominion Bank (the Bank) is a Canada-based bank, which operates in the North America. It is an online financial services firm, with over 10.2 million online and mobile customers. Its segments include Canadian Retail, U.S. Retail, Wholesale Banking and Corporate. The Canadian Retail segment provides a range of financial products and services to customers in the Canadian personal and commercial banking businesses.
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