The Toronto-Dominion Bank (NYSE:TD) Declares Dividend Increase – $0.75 Per Share

The Toronto-Dominion Bank (NYSE:TD) (TSE:TD) announced a quarterly dividend on Friday, December 6th,Wall Street Journal reports. Investors of record on Friday, January 10th will be given a dividend of 0.7482 per share by the bank on Friday, January 31st. This represents a $2.99 annualized dividend and a dividend yield of 5.47%. The ex-dividend date is Friday, January 10th. This is a boost from Toronto-Dominion Bank’s previous quarterly dividend of $0.74.

Toronto-Dominion Bank has increased its dividend by an average of 8.9% annually over the last three years and has raised its dividend every year for the last 11 years. Toronto-Dominion Bank has a payout ratio of 49.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Toronto-Dominion Bank to earn $6.05 per share next year, which means the company should continue to be able to cover its $2.91 annual dividend with an expected future payout ratio of 48.1%.

Toronto-Dominion Bank Price Performance

Shares of TD opened at $54.68 on Wednesday. The company has a market cap of $95.71 billion, a P/E ratio of 15.76, a PEG ratio of 1.69 and a beta of 0.83. The stock has a fifty day moving average price of $54.62 and a 200 day moving average price of $57.34. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.02. Toronto-Dominion Bank has a 12 month low of $51.25 and a 12 month high of $65.12.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TD shares. Royal Bank of Canada lowered their price objective on Toronto-Dominion Bank from $82.00 to $77.00 and set a “sector perform” rating for the company in a research note on Friday, December 6th. Barclays cut Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a research note on Thursday, November 21st. Jefferies Financial Group raised Toronto-Dominion Bank from a “hold” rating to a “buy” rating in a research note on Thursday, December 12th. StockNews.com cut Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a research note on Friday, December 27th. Finally, Desjardins cut Toronto-Dominion Bank from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $80.50.

Toronto-Dominion Bank Company Profile

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.