Toronto-Dominion Bank (NYSE:TD) Raised 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 report issued on Friday, Marketbeat.com reports.

TD has been the topic of a number of other research reports. Desjardins lowered shares of Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research report on Friday, December 6th. Scotiabank lowered shares of Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, December 6th. Royal Bank of Canada decreased their target price on shares of Toronto-Dominion Bank from $82.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Friday, December 6th. Jefferies Financial Group upgraded shares of Toronto-Dominion Bank from a “hold” rating to a “buy” rating in a research report on Thursday, December 12th. Finally, Barclays downgraded shares of Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Toronto-Dominion Bank presently has an average rating of “Hold” and an average price target of $80.50.

Toronto-Dominion Bank Stock Performance

Shares of NYSE:TD opened at $57.49 on Friday. The company’s 50 day moving average price is $54.47 and its two-hundred day moving average price is $57.29. Toronto-Dominion Bank has a 12-month low of $51.25 and a 12-month high of $64.91. The firm has a market cap of $100.63 billion, a PE ratio of 16.57, a PEG ratio of 1.72 and a beta of 0.83. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11.

Toronto-Dominion Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 10th will be paid a $0.7482 dividend. This is an increase from Toronto-Dominion Bank’s previous quarterly dividend of $0.74. The ex-dividend date is Friday, January 10th. This represents a $2.99 annualized dividend and a yield of 5.21%. Toronto-Dominion Bank’s dividend payout ratio is presently 87.03%.

Hedge Funds Weigh In On Toronto-Dominion Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dunhill Financial LLC raised its stake in shares of Toronto-Dominion Bank by 164.9% during the third quarter. Dunhill Financial LLC now owns 400 shares of the bank’s stock valued at $25,000 after acquiring an additional 249 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Toronto-Dominion Bank by 40.0% during the fourth quarter. Versant Capital Management Inc now owns 700 shares of the bank’s stock worth $37,000 after buying an additional 200 shares during the period. Kimelman & Baird LLC acquired a new stake in shares of Toronto-Dominion Bank during the second quarter worth $49,000. Morse Asset Management Inc acquired a new stake in shares of Toronto-Dominion Bank during the third quarter worth $63,000. Finally, Eastern Bank acquired a new stake in shares of Toronto-Dominion Bank during the third quarter worth $66,000. Institutional investors own 52.37% of the company’s stock.

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.