Cormark Equities Analysts Reduce Earnings Estimates for The Toronto-Dominion Bank (NYSE:TD)

Posted by Amy Steele on May 26th, 2023

The Toronto-Dominion Bank (NYSE:TD – Get Rating) (TSE:TD) – Equities researchers at Cormark decreased their Q2 2023 earnings estimates for shares of Toronto-Dominion Bank in a research report issued to clients and investors on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates that the bank will earn $1.57 per share for the quarter, down from their previous forecast of $1.60. The consensus estimate for Toronto-Dominion Bank’s current full-year earnings is $6.44 per share. Cormark also issued estimates for Toronto-Dominion Bank’s FY2023 earnings at $6.48 EPS and FY2024 earnings at $6.76 EPS.

Toronto-Dominion Bank (NYSE:TD – Get Rating) (TSE:TD) last announced its quarterly earnings data on Thursday, March 2nd. The bank reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.03. Toronto-Dominion Bank had a net margin of 18.23% and a return on equity of 16.02%. The company had revenue of $9.01 billion during the quarter, compared to analysts’ expectations of $8.97 billion.

A number of other brokerages have also commented on TD. Scotiabank raised shares of Toronto-Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a report on Friday, March 3rd. Desjardins increased their price objective on shares of Toronto-Dominion Bank from C$105.00 to C$106.00 in a report on Tuesday, February 7th. StockNews.com lowered shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a research note on Saturday, May 20th. CIBC raised shares of Toronto-Dominion Bank from a “neutral” rating to a “sector outperform” rating in a research note on Monday, April 17th. Finally, Barclays lowered shares of Toronto-Dominion Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, May 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.57.

Toronto-Dominion Bank Stock Down 4.4 %

TD opened at $57.06 on Wednesday. The firm’s 50-day simple moving average is $59.97 and its 200-day simple moving average is $63.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.97 and a current ratio of 0.97. Toronto-Dominion Bank has a twelve month low of $55.43 and a twelve month high of $77.15. The firm has a market cap of $104.97 billion, a price-to-earnings ratio of 9.01, a PEG ratio of 1.54 and a beta of 0.88.

Institutional Investors Weigh In On Toronto-Dominion Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Advisory Services LLC raised its stake in Toronto-Dominion Bank by 11.0% in the third quarter. Ameritas Advisory Services LLC now owns 3,479 shares of the bank’s stock valued at $213,000 after purchasing an additional 345 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in Toronto-Dominion Bank in the third quarter valued at about $234,000. Chevy Chase Trust Holdings LLC raised its stake in Toronto-Dominion Bank by 81.6% in the third quarter. Chevy Chase Trust Holdings LLC now owns 6,900 shares of the bank’s stock valued at $423,000 after purchasing an additional 3,100 shares in the last quarter. Versor Investments LP raised its stake in Toronto-Dominion Bank by 7.8% in the fourth quarter. Versor Investments LP now owns 11,100 shares of the bank’s stock valued at $718,000 after purchasing an additional 800 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its stake in Toronto-Dominion Bank by 6.1% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 4,552 shares of the bank’s stock valued at $295,000 after purchasing an additional 260 shares in the last quarter. Institutional investors and hedge funds own 49.22% of the company’s stock.

Toronto-Dominion Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, April 30th. Shareholders of record on Thursday, April 6th were given a dividend of $0.721 per share. This represents a $2.88 dividend on an annualized basis and a yield of 5.05%. This is a boost from Toronto-Dominion Bank’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Wednesday, April 5th. Toronto-Dominion Bank’s payout ratio is 44.87%.

About Toronto-Dominion Bank

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The Toronto-Dominion Bank engages in the provision of financial products and services. It operates through the following segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The Canadian Retail segment offers various financial products and services, as well as telephone, Internet, and mobile banking services.