Toronto Dominion Bank (NYSE:TD) Reaches New 12-Month High – Still a Buy?

Shares of Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) hit a new 52-week high during trading on Tuesday . The company traded as high as $122.77 and last traded at $122.8790, with a volume of 288309 shares trading hands. The stock had previously closed at $120.63.

Wall Street Analysts Forecast Growth

TD has been the topic of several research reports. Scotiabank upgraded shares of Toronto Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a report on Monday, May 4th. Zacks Research downgraded shares of Toronto Dominion Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Raymond James Financial raised shares of Toronto Dominion Bank from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 12th. Weiss Ratings lowered shares of Toronto Dominion Bank from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, June 11th. Finally, Wall Street Zen cut shares of Toronto Dominion Bank from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Toronto Dominion Bank has an average rating of “Moderate Buy” and a consensus target price of $156.00.

Toronto Dominion Bank Price Performance

The firm has a market capitalization of $206.28 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.37 and a beta of 0.71. The business has a 50-day moving average of $115.36 and a 200 day moving average of $103.46. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.11. Toronto Dominion Bank had a return on equity of 14.83% and a net margin of 13.20%.The business had revenue of $11.80 billion for the quarter, compared to analysts’ expectations of $11.04 billion. During the same period last year, the business earned $1.97 EPS. The business’s revenue was down 31.1% on a year-over-year basis. As a group, research analysts anticipate that Toronto Dominion Bank will post 6.86 EPS for the current fiscal year.

Toronto Dominion Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be issued a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.6%. This is a boost from Toronto Dominion Bank’s previous quarterly dividend of $1.08. The ex-dividend date is Friday, July 10th. Toronto Dominion Bank’s dividend payout ratio is presently 49.14%.

Institutional Investors Weigh In On Toronto Dominion Bank

Institutional investors have recently added to or reduced their stakes in the company. Wasatch Advisors LP increased its stake in Toronto Dominion Bank by 4.5% in the 2nd quarter. Wasatch Advisors LP now owns 4,720 shares of the bank’s stock valued at $573,000 after buying an additional 202 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its stake in shares of Toronto Dominion Bank by 2.9% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 15,917 shares of the bank’s stock worth $1,933,000 after buying an additional 451 shares during the last quarter. Wealthcare Capital Partners LLC bought a new position in shares of Toronto Dominion Bank in the second quarter valued at approximately $220,000. Breakwater Capital Group bought a new position in shares of Toronto Dominion Bank in the second quarter valued at approximately $236,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of Toronto Dominion Bank during the second quarter valued at approximately $258,000. 52.37% of the stock is owned by institutional investors.

About Toronto Dominion Bank

Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada’s largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD’s core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.