Toronto-Dominion Bank (NYSE:TD) Downgraded by Bank of America to “Neutral”

Bank of America cut shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports. They currently have $77.00 price objective on the bank’s stock, down from their prior price objective of $82.00.

A number of other equities research analysts also recently issued reports on the stock. National Bank Financial downgraded shares of Toronto-Dominion Bank from an outperform rating to a sector perform rating in a research report on Thursday, May 23rd. Barclays raised shares of Toronto-Dominion Bank from an equal weight rating to an overweight rating and set a $84.00 price objective for the company in a research report on Tuesday, June 11th. BMO Capital Markets reissued a buy rating on shares of Toronto-Dominion Bank in a research report on Friday, May 24th. Canaccord Genuity reissued a buy rating on shares of Toronto-Dominion Bank in a research report on Thursday, May 23rd. Finally, Zacks Investment Research raised shares of Toronto-Dominion Bank from a hold rating to a buy rating and set a $63.00 price objective for the company in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Toronto-Dominion Bank presently has an average rating of Buy and a consensus price target of $74.67.

Shares of TD opened at $54.63 on Thursday. The firm has a market cap of $98.66 billion, a PE ratio of 10.86, a P/E/G ratio of 1.70 and a beta of 1.04. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $57.92 and a two-hundred day simple moving average of $56.69. Toronto-Dominion Bank has a 1-year low of $47.73 and a 1-year high of $62.00.

Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last announced its earnings results on Thursday, May 23rd. The bank reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.50. The business had revenue of $10.23 billion during the quarter, compared to analyst estimates of $9.46 billion. Toronto-Dominion Bank had a net margin of 20.24% and a return on equity of 16.21%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 EPS. As a group, research analysts forecast that Toronto-Dominion Bank will post 5.13 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Wednesday, July 10th were issued a $0.5511 dividend. This represents a $2.20 annualized dividend and a yield of 4.04%. The ex-dividend date was Tuesday, July 9th. Toronto-Dominion Bank’s dividend payout ratio is currently 44.93%.

A number of institutional investors have recently modified their holdings of TD. Citizens Financial Group Inc RI bought a new position in shares of Toronto-Dominion Bank during the 1st quarter valued at about $28,000. Financial Gravity Wealth Inc. bought a new position in shares of Toronto-Dominion Bank during the 1st quarter valued at about $29,000. Farmers National Bank bought a new position in shares of Toronto-Dominion Bank during the 1st quarter valued at about $33,000. Manchester Capital Management LLC bought a new position in shares of Toronto-Dominion Bank during the 1st quarter valued at about $37,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Toronto-Dominion Bank during the 1st quarter valued at about $46,000. 48.12% of the stock is owned by institutional investors.

Toronto-Dominion Bank Company Profile

The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; financing options to customers at point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; investing, advice-based, and asset management services to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.

Further Reading: Growth and Income Funds

Analyst Recommendations for Toronto-Dominion Bank (NYSE:TD)

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