Toronto Dominion Bank (NYSE:TD) Sees Large Volume Increase – Still a Buy?

Shares of Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) saw unusually-high trading volume on Tuesday . Approximately 5,521,497 shares traded hands during mid-day trading, an increase of 124% from the previous session’s volume of 2,465,056 shares.The stock last traded at $96.5650 and had previously closed at $95.89.

Wall Street Analysts Forecast Growth

TD has been the subject of a number of research analyst reports. Zacks Research upgraded Toronto Dominion Bank from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. National Bank Financial upgraded Toronto Dominion Bank from a “sector perform” rating to an “outperform” rating in a research report on Thursday, December 18th. Canadian Imperial Bank of Commerce lowered Toronto Dominion Bank from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Wall Street Zen upgraded Toronto Dominion Bank from a “sell” rating to a “hold” rating in a research report on Monday, March 2nd. Finally, Weiss Ratings upgraded Toronto Dominion Bank from a “buy (b)” rating to a “buy (a-)” rating in a research report on Friday, March 27th. Three research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.00.

Toronto Dominion Bank Stock Up 0.7%

The firm has a market cap of $160.92 billion, a price-to-earnings ratio of 10.69, a price-to-earnings-growth ratio of 1.08 and a beta of 0.65. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $95.37 and a 200-day moving average of $89.29.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last announced its quarterly earnings results on Thursday, February 26th. The bank reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.13. Toronto Dominion Bank had a return on equity of 14.29% and a net margin of 17.52%.The company had revenue of $11.01 billion during the quarter, compared to analyst estimates of $10.43 billion. During the same quarter in the previous year, the firm posted $2.02 EPS. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. As a group, sell-side analysts forecast that Toronto Dominion Bank will post 5.48 EPS for the current fiscal year.

Toronto Dominion Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 9th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Thursday, April 9th. Toronto Dominion Bank’s payout ratio is 34.81%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Purpose Unlimited Inc. acquired a new position in Toronto Dominion Bank during the 4th quarter worth $47,488,000. Rockefeller Capital Management L.P. boosted its position in Toronto Dominion Bank by 20.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 25,384 shares of the bank’s stock worth $2,391,000 after acquiring an additional 4,345 shares during the period. World Investment Advisors boosted its position in Toronto Dominion Bank by 38.1% during the 4th quarter. World Investment Advisors now owns 10,199 shares of the bank’s stock worth $961,000 after acquiring an additional 2,813 shares during the period. Auto Owners Insurance Co lifted its holdings in shares of Toronto Dominion Bank by 9,320.0% in the fourth quarter. Auto Owners Insurance Co now owns 3,965,443 shares of the bank’s stock valued at $396,544,000 after buying an additional 3,923,347 shares during the period. Finally, Bayban acquired a new stake in shares of Toronto Dominion Bank in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

About Toronto Dominion Bank

Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada’s largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD’s core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.