The Toronto-Dominion Bank (NYSE:TD) Sees Large Increase in Short Interest

The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 11,720,000 shares, an increase of 26.7% from the February 13th total of 9,250,000 shares. Currently, 0.7% of the company’s shares are short sold. Based on an average trading volume of 2,380,000 shares, the days-to-cover ratio is currently 4.9 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Bank of America upgraded shares of Toronto-Dominion Bank from a “neutral” rating to a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada cut their target price on shares of Toronto-Dominion Bank from $82.00 to $77.00 and set a “sector perform” rating for the company in a research report on Friday, December 6th. Jefferies Financial Group lowered shares of Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Desjardins lowered shares of Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. Finally, Scotiabank lowered shares of Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $80.50.

Toronto-Dominion Bank Stock Performance

NYSE:TD traded down $0.08 during midday trading on Tuesday, reaching $59.67. The stock had a trading volume of 955,589 shares, compared to its average volume of 2,427,223. Toronto-Dominion Bank has a 1-year low of $51.25 and a 1-year high of $64.91. The firm’s fifty day simple moving average is $58.02 and its 200-day simple moving average is $57.61. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $104.55 billion, a P/E ratio of 17.20, a PEG ratio of 1.95 and a beta of 0.83.

Toronto-Dominion Bank Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 10th will be paid a $0.7278 dividend. The ex-dividend date is Thursday, April 10th. This represents a $2.91 dividend on an annualized basis and a yield of 4.88%. Toronto-Dominion Bank’s payout ratio is presently 85.29%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Frank Rimerman Advisors LLC grew its stake in Toronto-Dominion Bank by 3.2% in the 4th quarter. Frank Rimerman Advisors LLC now owns 5,446 shares of the bank’s stock valued at $290,000 after buying an additional 171 shares during the last quarter. Pathstone Holdings LLC increased its holdings in shares of Toronto-Dominion Bank by 0.8% during the 3rd quarter. Pathstone Holdings LLC now owns 22,309 shares of the bank’s stock worth $1,411,000 after purchasing an additional 184 shares during the period. Passumpsic Savings Bank raised its position in shares of Toronto-Dominion Bank by 2.6% during the third quarter. Passumpsic Savings Bank now owns 7,530 shares of the bank’s stock valued at $476,000 after buying an additional 194 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Toronto-Dominion Bank by 40.0% in the fourth quarter. Versant Capital Management Inc now owns 700 shares of the bank’s stock valued at $37,000 after buying an additional 200 shares during the period. Finally, Cardinal Capital Management grew its position in Toronto-Dominion Bank by 0.5% during the fourth quarter. Cardinal Capital Management now owns 44,685 shares of the bank’s stock worth $2,379,000 after buying an additional 205 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.