Toronto Dominion Bank (The) $TD Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. cut its holdings in Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) by 19.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,922,735 shares of the bank’s stock after selling 470,947 shares during the period. Toronto Dominion Bank makes up about 2.9% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 7th largest holding. Letko Brosseau & Associates Inc.’s holdings in Toronto Dominion Bank were worth $226,611,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cornerstone Financial Management LLC lifted its holdings in Toronto Dominion Bank by 77.2% in the second quarter. Cornerstone Financial Management LLC now owns 218 shares of the bank’s stock worth $26,000 after acquiring an additional 95 shares during the last quarter. Heritage Family Offices LLP bought a new position in shares of Toronto Dominion Bank during the third quarter valued at approximately $35,000. Pension & Wealth Management Advisors Inc. bought a new position in shares of Toronto Dominion Bank during the third quarter valued at approximately $41,000. Compass Wealth Management LLC bought a new position in shares of Toronto Dominion Bank during the third quarter valued at approximately $41,000. Finally, Continuum Advisory LLC acquired a new stake in shares of Toronto Dominion Bank during the 2nd quarter worth approximately $43,000. Institutional investors own 52.37% of the company’s stock.

Toronto Dominion Bank Trading Down 0.3%

Shares of NYSE:TD opened at $123.89 on Friday. The company has a market cap of $201.15 billion, a PE ratio of 17.63, a P/E/G ratio of 1.14 and a beta of 0.72. The company’s 50-day moving average price is $121.34 and its 200 day moving average price is $111.82. Toronto Dominion Bank has a fifty-two week low of $80.23 and a fifty-two week high of $128.79. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.09.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last posted its earnings results on Thursday, August 27th. The bank reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.24. Toronto Dominion Bank had a net margin of 14.41% and a return on equity of 14.88%. The firm had revenue of $12.07 billion during the quarter, compared to analyst estimates of $10.70 billion. During the same period in the previous year, the business posted $2.20 EPS. Toronto Dominion Bank’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that Toronto Dominion Bank will post 6.98 earnings per share for the current year.

Toronto Dominion Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Stockholders of record on Friday, October 9th were issued a dividend of C$1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, October 9th. Toronto Dominion Bank’s payout ratio is 46.81%.

Toronto Dominion Bank declared that its Board of Directors has initiated a stock buyback program on Wednesday, September 30th that allows the company to repurchase $7.14 billion in shares. This buyback authorization allows the bank to reacquire up to 3.5% of its shares through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TD shares. Wall Street Zen upgraded Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Weiss Ratings upgraded Toronto Dominion Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, October 21st. Finally, Keefe, Bruyette & Woods began coverage on Toronto Dominion Bank in a research note on Friday, August 21st. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $148.00.

About Toronto Dominion Bank

The Toronto-Dominion Bank, commonly known as TD Bank Group, is a Canadian financial services company serving personal, business, corporate and institutional clients. Its services include everyday banking, deposits, mortgages and other lending, credit cards, wealth management, insurance and capital markets services. TD operates primarily in Canada and the United States through businesses that include TD Canada Trust, TD Bank and TD Securities. It also provides investment and wealth-management services through its TD Wealth businesses.