Toronto Dominion Bank (NYSE:TD) Sets New 1-Year High – Time to Buy?

Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD)’s share price reached a new 52-week high on Wednesday. The stock traded as high as $126.16 and last traded at $125.7250, with a volume of 32,746 shares trading hands. The stock had previously closed at $125.78.

Wall Street Analysts Forecast Growth

TD has been the subject of a number of research reports. Keefe, Bruyette & Woods initiated coverage on Toronto Dominion Bank in a research note on Friday, August 21st. They issued a “market perform” rating for the company. Wall Street Zen upgraded shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings raised Toronto Dominion Bank from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.00.

Toronto Dominion Bank Price Performance

The company has a market cap of $205.22 billion, a PE ratio of 18.61 and a beta of 0.75. The firm has a 50-day simple moving average of $120.07 and a two-hundred day simple moving average of $109.98.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last posted its quarterly earnings results on Thursday, August 27th. The bank reported $1.98 EPS for the quarter, beating the consensus estimate of $1.74 by $0.24. The business had revenue of $12.07 billion during the quarter, compared to analysts’ expectations of $10.70 billion. During the same quarter last year, the firm earned $2.20 EPS. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts forecast that Toronto Dominion Bank will post 7.04 EPS for the current year.

Toronto Dominion Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Friday, October 9th will be given a dividend of C$1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, October 9th. Toronto Dominion Bank’s payout ratio is presently 46.66%.

Toronto Dominion Bank declared that its board has approved a stock buyback plan on Wednesday, September 30th that allows the company to repurchase $7.14 billion in shares. This buyback authorization allows the bank to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Toronto Dominion Bank

A number of large investors have recently bought and sold shares of TD. Dimensional Fund Advisors LP grew its position in Toronto Dominion Bank by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,565,982 shares of the bank’s stock worth $705,950,000 after purchasing an additional 589,316 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Toronto Dominion Bank by 7.8% during the 1st quarter. Bank of America Corp DE now owns 4,967,545 shares of the bank’s stock valued at $463,522,000 after purchasing an additional 358,412 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Toronto Dominion Bank during the second quarter worth approximately $202,900,000. SEB Asset Management AB acquired a new position in shares of Toronto Dominion Bank in the 1st quarter worth $139,123,000. Finally, Hillsdale Investment Management Inc. raised its holdings in Toronto Dominion Bank by 3.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,201,500 shares of the bank’s stock worth $112,185,000 after buying an additional 34,921 shares during the period. Institutional investors own 52.37% of the company’s stock.

About Toronto Dominion Bank

Toronto-Dominion Bank, operating as TD Bank Group, is a Canadian financial services company headquartered in Toronto, Ontario. The institution traces its history to the Bank of Toronto, founded in 1855, and the Dominion Bank, founded in 1869; the two banks merged in 1955 to form Toronto-Dominion Bank.

TD provides a broad range of banking and financial services through its Canadian and U.S. operations. Its offerings include personal and business deposit accounts, mortgages, consumer and commercial lending, credit cards, investment products, insurance, wealth management and financial advice.