Toronto-Dominion Bank (NYSE:TD) Cut to “Sell” at StockNews.com

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Several other equities analysts have also recently issued reports on TD. BMO Capital Markets decreased their price objective on Toronto-Dominion Bank from $86.00 to $84.00 and set a “market perform” rating for the company in a report on Friday, May 24th. National Bank Financial raised Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a report on Thursday. Cibc World Mkts raised shares of Toronto-Dominion Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 24th. Finally, UBS Group started coverage on shares of Toronto-Dominion Bank in a research note on Tuesday, July 2nd. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $88.00.

Toronto-Dominion Bank Stock Performance

TD traded down $1.29 during trading on Thursday, reaching $58.47. 4,813,644 shares of the company’s stock were exchanged, compared to its average volume of 2,781,296. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.01 and a quick ratio of 1.01. Toronto-Dominion Bank has a 1 year low of $53.52 and a 1 year high of $65.12. The company’s fifty day simple moving average is $56.71 and its 200-day simple moving average is $57.68. The stock has a market capitalization of $102.22 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last issued its earnings results on Thursday, May 23rd. The bank reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.15. Toronto-Dominion Bank had a net margin of 9.96% and a return on equity of 14.38%. The firm had revenue of $10.18 billion during the quarter, compared to analysts’ expectations of $9.90 billion. As a group, research analysts predict that Toronto-Dominion Bank will post 5.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Toronto-Dominion Bank

A number of large investors have recently added to or reduced their stakes in TD. TD Asset Management Inc boosted its stake in shares of Toronto-Dominion Bank by 28.9% in the fourth quarter. TD Asset Management Inc now owns 46,469,553 shares of the bank’s stock worth $3,017,384,000 after acquiring an additional 10,415,591 shares during the last quarter. Canoe Financial LP boosted its stake in Toronto-Dominion Bank by 2,035.4% during the 4th quarter. Canoe Financial LP now owns 42,808,439 shares of the bank’s stock worth $2,766,281,000 after purchasing an additional 40,803,711 shares during the last quarter. Bank of Nova Scotia grew its holdings in shares of Toronto-Dominion Bank by 0.3% during the fourth quarter. Bank of Nova Scotia now owns 33,335,463 shares of the bank’s stock worth $2,154,141,000 after buying an additional 105,772 shares in the last quarter. National Bank of Canada FI raised its position in shares of Toronto-Dominion Bank by 6.2% in the first quarter. National Bank of Canada FI now owns 29,655,117 shares of the bank’s stock valued at $1,677,917,000 after buying an additional 1,736,931 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Toronto-Dominion Bank by 0.8% in the second quarter. Mackenzie Financial Corp now owns 25,997,122 shares of the bank’s stock worth $1,429,186,000 after buying an additional 218,807 shares in the last quarter. 52.37% of the stock is currently 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.