Toronto-Dominion Bank (NYSE:TD) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) from a neutral rating to a buy rating in a research note published on Friday, MarketBeat reports.

Several other research firms have also recently commented on TD. Barclays cut shares of Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a research report on Thursday, November 21st. Scotiabank cut shares of Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, December 6th. Jefferies Financial Group raised shares of Toronto-Dominion Bank from a “hold” rating to a “buy” rating in a research report on Thursday, December 12th. BMO Capital Markets raised shares of Toronto-Dominion Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, December 19th. Finally, StockNews.com cut shares of Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a research report on Friday, December 27th. Two analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $80.50.

Toronto-Dominion Bank Trading Up 3.9 %

TD opened at $57.49 on Friday. The stock has a market capitalization of $100.63 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.72 and a beta of 0.83. Toronto-Dominion Bank has a 12 month low of $51.25 and a 12 month high of $64.91. The firm’s fifty day simple moving average is $54.47 and its 200 day simple moving average is $57.29. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11.

Toronto-Dominion Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 10th will be paid a dividend of $0.7482 per share. The ex-dividend date of this dividend is Friday, January 10th. This is a positive change from Toronto-Dominion Bank’s previous quarterly dividend of $0.74. This represents a $2.99 annualized dividend and a dividend yield of 5.21%. Toronto-Dominion Bank’s payout ratio is currently 87.03%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TD. The Manufacturers Life Insurance Company increased its stake in shares of Toronto-Dominion Bank by 24.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,509,261 shares of the bank’s stock worth $854,815,000 after purchasing an additional 2,689,532 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Toronto-Dominion Bank by 61.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,011,579 shares of the bank’s stock worth $380,118,000 after purchasing an additional 2,279,864 shares during the last quarter. Quadrature Capital Ltd increased its stake in shares of Toronto-Dominion Bank by 175.5% during the 3rd quarter. Quadrature Capital Ltd now owns 2,467,300 shares of the bank’s stock worth $156,202,000 after purchasing an additional 1,571,700 shares during the last quarter. 1832 Asset Management L.P. increased its stake in shares of Toronto-Dominion Bank by 6.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 25,803,480 shares of the bank’s stock worth $1,418,159,000 after purchasing an additional 1,462,794 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Toronto-Dominion Bank by 9.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,814,269 shares of the bank’s stock worth $759,449,000 after purchasing an additional 1,206,574 shares during the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.