Toronto-Dominion Bank (NYSE:TD) Sees Strong Trading Volume – Here’s Why

The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) saw unusually-high trading volume on Tuesday . Approximately 5,685,433 shares were traded during mid-day trading, an increase of 113% from the previous session’s volume of 2,666,872 shares.The stock last traded at $63.30 and had previously closed at $63.80.

Analysts Set New Price Targets

TD has been the topic of a number of recent analyst reports. UBS Group initiated coverage on Toronto-Dominion Bank in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. StockNews.com downgraded Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. Finally, National Bank Financial upgraded Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $84.00.

Toronto-Dominion Bank Stock Down 0.8 %

The firm has a market cap of $110.57 billion, a PE ratio of 14.36, a P/E/G ratio of 1.84 and a beta of 0.81. The stock has a 50-day simple moving average of $60.43 and a two-hundred day simple moving average of $58.13. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.10.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last released its quarterly earnings data on Thursday, August 22nd. The bank reported $2.05 EPS for the quarter, topping the consensus estimate of $1.49 by $0.56. The firm had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $9.40 billion. Toronto-Dominion Bank had a return on equity of 14.34% and a net margin of 6.94%. The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 earnings per share. Analysts expect that The Toronto-Dominion Bank will post 5.84 earnings per share for the current year.

Toronto-Dominion Bank Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 10th will be issued a $0.739 dividend. The ex-dividend date is Thursday, October 10th. This represents a $2.96 annualized dividend and a dividend yield of 4.67%. Toronto-Dominion Bank’s dividend payout ratio is currently 68.41%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Williams Financial LLC bought a new stake in shares of Toronto-Dominion Bank in the second quarter worth about $10,454,000. Dixon Mitchell Investment Counsel Inc. grew its stake in shares of Toronto-Dominion Bank by 2.7% in the first quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,388,528 shares of the bank’s stock worth $83,881,000 after purchasing an additional 37,002 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Toronto-Dominion Bank in the first quarter worth about $6,454,000. FORA Capital LLC bought a new stake in shares of Toronto-Dominion Bank in the first quarter worth about $4,025,000. Finally, V Square Quantitative Management LLC grew its stake in shares of Toronto-Dominion Bank by 5,032.5% in the fourth quarter. V Square Quantitative Management LLC now owns 15,808 shares of the bank’s stock worth $1,022,000 after purchasing an additional 15,500 shares during the last quarter. Hedge funds and other institutional investors own 52.37% of the company’s stock.

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.