Pinnacle Associates Ltd. Grows Stock Holdings in The Toronto-Dominion Bank (NYSE:TD)

Pinnacle Associates Ltd. raised its position in The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) by 8.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,440 shares of the bank’s stock after acquiring an additional 2,042 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Toronto-Dominion Bank were worth $1,709,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. National Bank of Canada FI increased 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 acquiring an additional 1,736,931 shares during the period. Mackenzie Financial Corp increased its position 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 valued at $1,429,186,000 after acquiring an additional 218,807 shares during the period. 1832 Asset Management L.P. increased its position in shares of Toronto-Dominion Bank by 6.0% in the second quarter. 1832 Asset Management L.P. now owns 25,803,480 shares of the bank’s stock valued at $1,418,159,000 after acquiring an additional 1,462,794 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Toronto-Dominion Bank by 9.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,814,269 shares of the bank’s stock valued at $759,449,000 after acquiring an additional 1,206,574 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Toronto-Dominion Bank by 3.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 11,884,896 shares of the bank’s stock valued at $653,194,000 after acquiring an additional 358,283 shares during the period. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TD shares. Royal Bank of Canada cut shares of Toronto-Dominion Bank from an “outperform” rating to a “sector perform” rating in a research report on Friday, October 11th. StockNews.com lowered shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a research note on Thursday, August 22nd. Finally, National Bank Financial raised shares of Toronto-Dominion Bank from an “underperform” rating to a “sector perform” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $84.00.

Toronto-Dominion Bank Trading Down 0.5 %

NYSE:TD opened at $55.00 on Friday. The Toronto-Dominion Bank has a one year low of $53.52 and a one year high of $65.12. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.02 and a quick ratio of 1.02. The company’s 50-day simple moving average is $60.15 and its 200 day simple moving average is $57.89. The firm has a market capitalization of $96.17 billion, a P/E ratio of 17.57, a PEG ratio of 1.63 and a beta of 0.81.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last posted 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. Toronto-Dominion Bank had a net margin of 6.94% and a return on equity of 14.34%. The business had revenue of $14.18 billion for the quarter, compared to analyst estimates of $9.40 billion. During the same quarter in the previous year, the firm posted $1.48 earnings per share. Toronto-Dominion Bank’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, analysts forecast that The Toronto-Dominion Bank will post 5.82 EPS for the current fiscal year.

Toronto-Dominion Bank Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 10th were paid a dividend of $0.739 per share. This represents a $2.96 annualized dividend and a yield of 5.37%. The ex-dividend date of this dividend was Thursday, October 10th. Toronto-Dominion Bank’s payout ratio is currently 96.49%.

About Toronto-Dominion Bank

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.