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Toronto-Dominion Bank (TD) Gains As Market Dips: What You Should Know
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Toronto-Dominion Bank (TD - Free Report) closed at $59.76 in the latest trading session, marking a +0.4% move from the prior day. This change outpaced the S&P 500's 0.7% loss on the day. Elsewhere, the Dow lost 0.8%, while the tech-heavy Nasdaq lost 1.82%.
Coming into today, shares of the retail and wholesale bank had lost 1.68% in the past month. In that same time, the Finance sector lost 0.14%, while the S&P 500 gained 0.39%.
Toronto-Dominion Bank will be looking to display strength as it nears its next earnings release, which is expected to be May 25, 2023. On that day, Toronto-Dominion Bank is projected to report earnings of $1.56 per share, which would represent a year-over-year decline of 2.5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.1 billion, down 23.56% from the year-ago period.
TD's full-year Zacks Consensus Estimates are calling for earnings of $6.57 per share and revenue of $37.25 billion. These results would represent year-over-year changes of +1.23% and -9.13%, respectively.
It is also important to note the recent changes to analyst estimates for Toronto-Dominion Bank. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Toronto-Dominion Bank is currently a Zacks Rank #3 (Hold).
In terms of valuation, Toronto-Dominion Bank is currently trading at a Forward P/E ratio of 9.05. This represents a premium compared to its industry's average Forward P/E of 7.21.
Investors should also note that TD has a PEG ratio of 1.13 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Banks - Foreign was holding an average PEG ratio of 0.98 at yesterday's closing price.
The Banks - Foreign industry is part of the Finance sector. This group has a Zacks Industry Rank of 72, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Toronto-Dominion Bank (TD) Gains As Market Dips: What You Should Know
Toronto-Dominion Bank (TD - Free Report) closed at $59.76 in the latest trading session, marking a +0.4% move from the prior day. This change outpaced the S&P 500's 0.7% loss on the day. Elsewhere, the Dow lost 0.8%, while the tech-heavy Nasdaq lost 1.82%.
Coming into today, shares of the retail and wholesale bank had lost 1.68% in the past month. In that same time, the Finance sector lost 0.14%, while the S&P 500 gained 0.39%.
Toronto-Dominion Bank will be looking to display strength as it nears its next earnings release, which is expected to be May 25, 2023. On that day, Toronto-Dominion Bank is projected to report earnings of $1.56 per share, which would represent a year-over-year decline of 2.5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.1 billion, down 23.56% from the year-ago period.
TD's full-year Zacks Consensus Estimates are calling for earnings of $6.57 per share and revenue of $37.25 billion. These results would represent year-over-year changes of +1.23% and -9.13%, respectively.
It is also important to note the recent changes to analyst estimates for Toronto-Dominion Bank. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Toronto-Dominion Bank is currently a Zacks Rank #3 (Hold).
In terms of valuation, Toronto-Dominion Bank is currently trading at a Forward P/E ratio of 9.05. This represents a premium compared to its industry's average Forward P/E of 7.21.
Investors should also note that TD has a PEG ratio of 1.13 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Banks - Foreign was holding an average PEG ratio of 0.98 at yesterday's closing price.
The Banks - Foreign industry is part of the Finance sector. This group has a Zacks Industry Rank of 72, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.