Toronto-Dominion Bank (NYSE:TD) Cut to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada downgraded shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from an outperform rating to a sector perform rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports.

Other equities research analysts have also issued research reports about the stock. StockNews.com lowered shares of Toronto-Dominion Bank from a hold rating to a sell rating in a research note on Thursday, August 22nd. National Bank Financial upgraded Toronto-Dominion Bank from an underperform rating to a sector perform rating in a research report on Thursday, August 22nd. Finally, UBS Group initiated coverage on Toronto-Dominion Bank in a research report on Tuesday, July 2nd. They set a neutral rating on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $84.00.

Toronto-Dominion Bank Price Performance

Shares of TD stock opened at $57.01 on Friday. The firm has a fifty day simple moving average of $60.64 and a 200-day simple moving average of $58.15. The company has a market capitalization of $99.68 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 1.73 and a beta of 0.81. Toronto-Dominion Bank has a twelve month low of $53.52 and a twelve month high of $65.12. 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) (TSE:TD) last posted its quarterly earnings data on Thursday, August 22nd. The bank reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.56. Toronto-Dominion Bank had a net margin of 6.94% and a return on equity of 14.34%. The company had revenue of $14.18 billion during the quarter, compared to analysts’ expectations of $9.40 billion. During the same period in the prior year, the company posted $1.48 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities research analysts anticipate that Toronto-Dominion Bank will post 5.84 earnings per share for the current fiscal year.

Toronto-Dominion Bank Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 10th will be given a dividend of $0.739 per share. 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 dividend payout ratio is currently 96.49%.

Institutional Investors Weigh In On Toronto-Dominion Bank

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

Toronto-Dominion Bank Company Profile

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.