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

by · The Cerbat Gem

The Toronto-Dominion Bank (NYSE:TD – Get Free Report) (TSE:TD) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 22,560,000 shares, an increase of 77.8% from the December 15th total of 12,690,000 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,870,000 shares, the days-to-cover ratio is currently 7.9 days.

Hedge Funds Weigh In On Toronto-Dominion Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cerity Partners LLC grew its stake in shares of Toronto-Dominion Bank by 57.1% in the third quarter. Cerity Partners LLC now owns 26,755 shares of the bank’s stock worth $1,693,000 after purchasing an additional 9,725 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Toronto-Dominion Bank by 1.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,761,308 shares of the bank’s stock valued at $617,166,000 after buying an additional 144,427 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Toronto-Dominion Bank by 61.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,011,579 shares of the bank’s stock worth $380,118,000 after acquiring an additional 2,279,864 shares during the period. Galibier Capital Management Ltd. increased its position in Toronto-Dominion Bank by 24.6% during the 3rd quarter. Galibier Capital Management Ltd. now owns 608,613 shares of the bank’s stock valued at $38,527,000 after purchasing an additional 119,978 shares during the period. Finally, Forsta AP Fonden lifted its position in shares of Toronto-Dominion Bank by 3.2% in the 3rd quarter. Forsta AP Fonden now owns 466,500 shares of the bank’s stock worth $29,531,000 after purchasing an additional 14,500 shares during the period. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Toronto-Dominion Bank Price Performance

Shares of TD traded up $2.37 during midday trading on Friday, reaching $57.69. The stock had a trading volume of 4,564,372 shares, compared to its average volume of 3,330,808. The company’s 50-day moving average is $54.50 and its 200 day moving average is $57.31. Toronto-Dominion Bank has a 12-month low of $51.25 and a 12-month high of $64.91. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $100.98 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.72 and a beta of 0.83.

Toronto-Dominion Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 10th will be issued a $0.7482 dividend. This is a boost from Toronto-Dominion Bank’s previous quarterly dividend of $0.74. This represents a $2.99 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date is Friday, January 10th. Toronto-Dominion Bank’s dividend payout ratio is presently 87.03%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Barclays lowered shares of Toronto-Dominion Bank from an “equal weight” rating to an “underweight” rating in a report on Thursday, November 21st. Jefferies Financial Group raised shares of Toronto-Dominion Bank from a “hold” rating to a “buy” rating in a research report on Thursday, December 12th. Scotiabank lowered shares of Toronto-Dominion Bank from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, December 6th. 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 note on Friday, December 6th. Finally, BMO Capital Markets upgraded shares of Toronto-Dominion Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, December 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $80.50.

Check Out Our Latest Research Report on TD

About Toronto-Dominion Bank

(Get 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.

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