Toronto-Dominion Bank (NYSE:TD) Stock Price Down 2.8% – Time to Sell?

13 Oct 2024, 11:55 by Sarita Garza · The Markets Daily

The Toronto-Dominion Bank (NYSE:TD – Get Free Report) (TSE:TD)’s stock price was down 2.8% during mid-day trading on Friday . The company traded as low as $57.76 and last traded at $57.80. Approximately 2,605,996 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 2,712,824 shares. The stock had previously closed at $59.44.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. National Bank Financial raised Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a report on Thursday, August 22nd. Royal Bank of Canada lowered shares of Toronto-Dominion Bank from an “outperform” rating to a “sector perform” rating in a research report on Friday. UBS Group started coverage on shares of Toronto-Dominion Bank in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, StockNews.com downgraded shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Toronto-Dominion Bank has a consensus rating of “Hold” and a consensus target price of $84.00.

Check Out Our Latest Analysis on TD

Toronto-Dominion Bank Stock Performance

The stock has a market capitalization of $99.68 billion, a PE ratio of 18.21, a PEG ratio of 1.73 and a beta of 0.81. The business’s 50 day moving average is $60.64 and its 200 day moving average is $58.17. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.10.

Toronto-Dominion Bank (NYSE:TD – Get Free Report) (TSE:TD) last released its earnings results on Thursday, August 22nd. The bank reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.56. Toronto-Dominion Bank had a return on equity of 14.34% and a net margin of 6.94%. The firm had revenue of $14.18 billion for the quarter, compared to analysts’ expectations of $9.40 billion. During the same quarter in the prior year, the firm posted $1.48 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. On average, equities research analysts predict that The Toronto-Dominion Bank will post 5.84 earnings per share for the current fiscal year.

Toronto-Dominion Bank Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 10th will be paid a $0.739 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.96 dividend on an annualized basis and a yield of 5.19%. Toronto-Dominion Bank’s payout ratio is 96.49%.

Institutional Trading of Toronto-Dominion Bank

A number of large investors have recently made changes to their positions in the stock. Mather Group LLC. bought a new position in Toronto-Dominion Bank in the 1st quarter worth about $29,000. Triad Wealth Partners LLC bought a new position in Toronto-Dominion Bank in the second quarter worth approximately $31,000. Blue Trust Inc. increased its holdings in Toronto-Dominion Bank by 50.7% during the 2nd quarter. Blue Trust Inc. now owns 630 shares of the bank’s stock worth $38,000 after purchasing an additional 212 shares during the period. Kimelman & Baird LLC bought a new stake in Toronto-Dominion Bank during the 2nd quarter valued at $49,000. Finally, BOKF NA grew its position in shares of Toronto-Dominion Bank by 203.6% during the 1st quarter. BOKF NA now owns 1,014 shares of the bank’s stock worth $61,000 after buying an additional 680 shares in the last quarter. 52.37% of the stock is owned by hedge funds and other institutional investors.

About Toronto-Dominion Bank

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