Pinnacle West Asset Management Inc. Has $423,000 Stake in The Toronto-Dominion Bank (NYSE:TD)

Pinnacle West Asset Management Inc. lowered its stake in The Toronto-Dominion Bank (NYSE:TDFree Report) (TSE:TD) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,550 shares of the bank’s stock after selling 250 shares during the period. Pinnacle West Asset Management Inc.’s holdings in Toronto-Dominion Bank were worth $423,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Canoe Financial LP increased its position in Toronto-Dominion Bank by 2,035.4% in the fourth quarter. Canoe Financial LP now owns 42,808,439 shares of the bank’s stock worth $2,766,281,000 after purchasing an additional 40,803,711 shares during the period. Norges Bank acquired a new stake in shares of Toronto-Dominion Bank during the fourth quarter worth $1,478,898,000. TD Asset Management Inc raised its position in shares of Toronto-Dominion Bank by 28.9% in the 4th quarter. TD Asset Management Inc now owns 46,469,553 shares of the bank’s stock valued at $3,017,384,000 after acquiring an additional 10,415,591 shares during the period. Clearbridge Investments LLC bought a new position in Toronto-Dominion Bank during the 4th quarter worth approximately $184,389,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Toronto-Dominion Bank by 20.1% during the third quarter. The Manufacturers Life Insurance Company now owns 17,134,868 shares of the bank’s stock valued at $1,039,691,000 after purchasing an additional 2,870,662 shares during the period. Institutional investors and hedge funds own 52.37% of the company’s stock.

Toronto-Dominion Bank Stock Down 0.9 %

Shares of Toronto-Dominion Bank stock traded down $0.48 on Friday, reaching $55.57. 116,356 shares of the company were exchanged, compared to its average volume of 2,948,949. The company has a market capitalization of $97.78 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.54 and a beta of 0.83. The Toronto-Dominion Bank has a one year low of $54.12 and a one year high of $66.15. The company has a 50-day moving average of $57.28 and a 200 day moving average of $59.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.11.

Toronto-Dominion Bank (NYSE:TDGet Free Report) (TSE:TD) last announced its quarterly earnings data on Thursday, May 23rd. The bank reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.15. The company had revenue of $10.18 billion during the quarter, compared to the consensus estimate of $9.90 billion. Toronto-Dominion Bank had a net margin of 9.96% and a return on equity of 14.38%. On average, equities research analysts forecast that The Toronto-Dominion Bank will post 5.86 earnings per share for the current year.

Toronto-Dominion Bank Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 10th will be issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date of this dividend is Wednesday, July 10th. Toronto-Dominion Bank’s payout ratio is currently 68.64%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TD shares. BMO Capital Markets reduced their price target on shares of Toronto-Dominion Bank from $86.00 to $84.00 and set a “market perform” rating for the company in a report on Friday, May 24th. Scotiabank raised Toronto-Dominion Bank from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, April 17th. Jefferies Financial Group started coverage on Toronto-Dominion Bank in a research report on Thursday, February 22nd. They issued a “hold” rating on the stock. Barclays initiated coverage on Toronto-Dominion Bank in a research report on Wednesday, March 20th. They set an “equal weight” rating for the company. Finally, National Bank Financial downgraded shares of Toronto-Dominion Bank from a “sector perform” rating to an “underperform” rating in a report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Toronto-Dominion Bank has an average rating of “Hold” and an average price target of $88.00.

Get Our Latest Stock Report on TD

Toronto-Dominion Bank Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Toronto-Dominion Bank (NYSE:TD)

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