Zacks Investment Research cut shares of Toronto Dominion Bank (NYSE:TD) (TSE:TD) from a hold rating to a sell rating in a research note issued to investors on Saturday.
According to Zacks, “Toronto Dominion Bank is a Canadian chartered bank and offers a wide range of business and consumer services. These services include checking and savings accounts, credit cards, mortgage and student loans,trusts, wills, estate planning,investment management services and financial and advisory services. “
A number of other brokerages have also recently issued reports on TD. Macquarie started coverage on shares of Toronto Dominion Bank in a research report on Tuesday, October 24th. They issued an outperform rating for the company. Canaccord Genuity reaffirmed a buy rating and set a $80.00 price objective on shares of Toronto Dominion Bank in a research report on Thursday, November 30th. BidaskClub raised shares of Toronto Dominion Bank from a sell rating to a hold rating in a research report on Saturday, August 26th. Scotiabank reaffirmed a buy rating and set a $83.00 price objective on shares of Toronto Dominion Bank in a research report on Wednesday, November 22nd. Finally, Howard Weil raised shares of Toronto Dominion Bank to an outperform rating in a research report on Monday, August 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Toronto Dominion Bank has an average rating of Buy and a consensus price target of $72.50.
Toronto Dominion Bank announced that its board has authorized a stock buyback program on Thursday, August 31st that permits the company to buyback 20,000,000 shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 10th will be given a dividend of $0.466 per share. The ex-dividend date is Tuesday, January 9th. This represents a $1.86 annualized dividend and a yield of 3.27%. Toronto Dominion Bank’s dividend payout ratio is 44.18%.
A number of institutional investors and hedge funds have recently bought and sold shares of TD. Public Sector Pension investment Board lifted its holdings in shares of Toronto Dominion Bank by 1,745.0% in the second quarter. Public Sector Pension investment Board now owns 3,658,692 shares of the bank’s stock worth $184,104,000 after acquiring an additional 3,881,100 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Toronto Dominion Bank by 3,364.0% in the second quarter. Canada Pension Plan Investment Board now owns 2,899,388 shares of the bank’s stock worth $145,896,000 after acquiring an additional 2,815,688 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Toronto Dominion Bank by 44.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 6,535,700 shares of the bank’s stock worth $329,248,000 after acquiring an additional 2,022,507 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Toronto Dominion Bank by 5.1% in the second quarter. Vanguard Group Inc. now owns 41,532,070 shares of the bank’s stock worth $2,092,385,000 after acquiring an additional 2,014,823 shares during the last quarter. Finally, DSM Capital Partners LLC bought a new position in shares of Toronto Dominion Bank in the third quarter worth about $103,030,000. 48.66% of the stock is owned by institutional investors and hedge funds.
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About Toronto Dominion Bank
Toronto-Dominion Bank (the Bank) is a Canada-based bank, which operates in the North America. It is an online financial services firm, with over 10.2 million online and mobile customers. Its segments include Canadian Retail, U.S. Retail, Wholesale Banking and Corporate. The Canadian Retail segment provides a range of financial products and services to customers in the Canadian personal and commercial banking businesses.
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