Toronto-Dominion Bank (NYSE:TD) Cut to “Neutral” at Bank of America

Bank of America cut shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a buy rating to a neutral rating in a report published on Thursday morning, BenzingaRatingsTable reports. They currently have $77.00 price objective on the bank’s stock, down from their prior price objective of $82.00.

Several other research firms have also commented on TD. Zacks Investment Research raised shares of Toronto-Dominion Bank from a hold rating to a buy rating and set a $63.00 price target for the company in a report on Friday, August 9th. Canaccord Genuity reaffirmed a buy rating on shares of Toronto-Dominion Bank in a report on Thursday, May 23rd. BMO Capital Markets reaffirmed a buy rating on shares of Toronto-Dominion Bank in a report on Friday, May 24th. Barclays raised shares of Toronto-Dominion Bank from an equal weight rating to an overweight rating and set a $84.00 target price for the company in a research note on Tuesday, June 11th. Finally, National Bank Financial lowered shares of Toronto-Dominion Bank from an outperform rating to a sector perform rating in a research note on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $74.67.

NYSE TD opened at $54.63 on Thursday. Toronto-Dominion Bank has a one year low of $47.73 and a one year high of $62.00. The company has a 50-day simple moving average of $57.92 and a 200-day simple moving average of $56.69. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $98.66 billion, a PE ratio of 10.86, a price-to-earnings-growth ratio of 1.70 and a beta of 1.04.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last posted its quarterly earnings results on Thursday, May 23rd. The bank reported $1.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.50. Toronto-Dominion Bank had a net margin of 20.24% and a return on equity of 16.21%. The business had revenue of $10.23 billion during the quarter, compared to analyst estimates of $9.46 billion. During the same period in the previous year, the business posted $1.62 EPS. The company’s quarterly revenue was up 8.0% on a year-over-year basis. Equities analysts forecast that Toronto-Dominion Bank will post 5.13 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 10th were paid a dividend of $0.5511 per share. This represents a $2.20 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Tuesday, July 9th. Toronto-Dominion Bank’s payout ratio is 44.93%.

A number of institutional investors have recently bought and sold shares of the business. Cornerstone Advisors Inc. raised its position in shares of Toronto-Dominion Bank by 5.4% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,746 shares of the bank’s stock worth $219,000 after buying an additional 193 shares in the last quarter. Mitchell Capital Management Co. raised its position in shares of Toronto-Dominion Bank by 3.4% during the 1st quarter. Mitchell Capital Management Co. now owns 6,500 shares of the bank’s stock worth $353,000 after buying an additional 214 shares in the last quarter. Compagnie Lombard Odier SCmA raised its position in shares of Toronto-Dominion Bank by 8.6% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,714 shares of the bank’s stock worth $158,000 after buying an additional 214 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Toronto-Dominion Bank by 0.8% during the 2nd quarter. Private Advisor Group LLC now owns 28,916 shares of the bank’s stock worth $1,584,000 after buying an additional 220 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Toronto-Dominion Bank by 19.5% during the 2nd quarter. BlackRock Inc. now owns 1,386 shares of the bank’s stock worth $81,000 after buying an additional 226 shares in the last quarter. 48.12% of the stock is owned by hedge funds and other institutional investors.

About Toronto-Dominion Bank

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.

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Analyst Recommendations for Toronto-Dominion Bank (NYSE:TD)

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