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Toronto-Dominion Bank (TD) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Toronto-Dominion Bank (TD - Free Report) closed at $61.23, marking a +0.66% move from the previous day. This move outpaced the S&P 500's daily gain of 0.33%. Elsewhere, the Dow gained 0.3%, while the tech-heavy Nasdaq added 1.92%.
Coming into today, shares of the retail and wholesale bank had gained 7.25% in the past month. In that same time, the Finance sector gained 2.41%, while the S&P 500 gained 5.67%.
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.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.57 per share and revenue of $37.25 billion, which would represent changes of +1.23% and -9.13%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Toronto-Dominion Bank. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. The Zacks Consensus EPS estimate has moved 1.08% lower within the past month. Toronto-Dominion Bank is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Toronto-Dominion Bank currently has a Forward P/E ratio of 9.25. This valuation marks a premium compared to its industry's average Forward P/E of 7.59.
It is also worth noting that TD currently has a PEG ratio of 1.15. 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 0.93 at yesterday's closing price.
The Banks - Foreign industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Toronto-Dominion Bank (TD) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Toronto-Dominion Bank (TD - Free Report) closed at $61.23, marking a +0.66% move from the previous day. This move outpaced the S&P 500's daily gain of 0.33%. Elsewhere, the Dow gained 0.3%, while the tech-heavy Nasdaq added 1.92%.
Coming into today, shares of the retail and wholesale bank had gained 7.25% in the past month. In that same time, the Finance sector gained 2.41%, while the S&P 500 gained 5.67%.
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.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.57 per share and revenue of $37.25 billion, which would represent changes of +1.23% and -9.13%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Toronto-Dominion Bank. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. The Zacks Consensus EPS estimate has moved 1.08% lower within the past month. Toronto-Dominion Bank is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Toronto-Dominion Bank currently has a Forward P/E ratio of 9.25. This valuation marks a premium compared to its industry's average Forward P/E of 7.59.
It is also worth noting that TD currently has a PEG ratio of 1.15. 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 0.93 at yesterday's closing price.
The Banks - Foreign industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.