Cormark Lowers Earnings Estimates for Toronto-Dominion Bank

On November 25th, 2024, Cormark, a financial research firm, announced a decrease in their earnings estimates for the Toronto-Dominion Bank (TD). Analyst L. Persaud revised the forecast for the bank's earnings per share (EPS) for the fiscal year 2024 from $5.84 to $5.69. This update comes in contrast to the existing consensus estimate, which predicts earnings of $5.46 per share for the full year. Additionally, Cormark provided expectations for the bank's fourth-quarter earnings, estimating an EPS of $1.30.

In recent weeks, several other research institutions have also provided their assessments on the performance of Toronto-Dominion Bank. Notably, National Bank Financial upgraded its rating on the bank's shares from "underperform" to "sector perform" on August 22nd. However, Barclays took a different direction, downgrading its rating from "equal weight" to "underweight" in a report released on November 21st. Similarly, StockNews.com lowered its rating from "hold" to "sell" on the same date, August 22nd. Furthermore, Royal Bank of Canada reduced its rating from "outperform" to "sector perform" on October 11th. Overall, the stock has received mixed reviews from analysts, with two holding sell ratings, six advising a hold position, one suggesting a buy, and one rating it as a strong buy. The average rating for Toronto-Dominion Bank stands at "Hold," along with an average price target of $84.00 according to MarketBeat data.

Current Share Performance of Toronto-Dominion Bank

As of Wednesday, the shares of Toronto-Dominion Bank were trading at $56.39. The bank has a current ratio of 1.02 and a quick ratio of 1.02, indicating healthy liquidity. Furthermore, it operates with a low debt-to-equity ratio of 0.10. The market capitalization of TD is approximately $98.70 billion, and the current price-to-earnings (P/E) ratio is recorded at 18.02. The stock has shown a price-to-earnings growth (PEG) ratio of 1.92 and has a beta of 0.82, suggesting a relatively lower volatility compared to the broader market. Over the past year, the bank's shares have fluctuated between a low of $53.52 and a high of $65.12.

Institutional Investment Activity

Recent trading activity among institutional investors indicates a shift in stakes for Toronto-Dominion Bank. In the third quarter, Dunhill Financial LLC increased its holdings in the bank by an impressive 164.9%, resulting in ownership of 400 shares valued at $25,000 after acquiring an additional 249 shares. Meanwhile, Triad Wealth Partners LLC took a new position in TD during the second quarter, valued at $31,000. Blue Trust Inc. also enlarged its stake in the bank by 50.7% in the same quarter, ending up with 630 shares worth $38,000 after purchasing an additional 212 shares. Kimelman & Baird LLC also entered the game with a new stake valued at $49,000 in the second quarter. Lastly, BOKF NA raised its position in TD by 203.6% during the first quarter, holding 1,014 shares worth approximately $61,000 after acquiring an additional 680 shares. Institutional investors and hedge funds currently own around 52.37% of Toronto-Dominion Bank's stock.

Overview of Toronto-Dominion Bank

The Toronto-Dominion Bank, along with its subsidiaries, is a major financial institution operating in Canada, the United States, and internationally. It offers a range of financial services divided into four key segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking. This comprehensive approach allows the bank to cater to diverse client needs, further establishing its presence in the financial sector.

Earnings, Bank, Stocks