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Toronto-Dominion Bank (TD) Stock Sinks As Market Gains: What You Should Know
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Toronto-Dominion Bank (TD - Free Report) closed at $61.71 in the latest trading session, marking a -0.4% move from the prior day. This change lagged the S&P 500's 0.09% gain on the day. At the same time, the Dow added 0.07%, and the tech-heavy Nasdaq gained 0.98%.
Coming into today, shares of the retail and wholesale bank had gained 9.94% in the past month. In that same time, the Finance sector gained 5.3%, while the S&P 500 gained 4.59%.
Wall Street will be looking for positivity from Toronto-Dominion Bank as it approaches its next earnings report date. This is expected to be May 25, 2023. The company is expected to report EPS of $1.56, down 2.5% from the prior-year quarter. 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.
Any recent changes to analyst estimates for Toronto-Dominion Bank should also be noted by investors. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection has moved 1.08% lower. Toronto-Dominion Bank is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Toronto-Dominion Bank is currently trading at a Forward P/E ratio of 9.43. For comparison, its industry has an average Forward P/E of 7.51, which means Toronto-Dominion Bank is trading at a premium to the group.
Also, we should mention that TD has a PEG ratio of 1.17. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Banks - Foreign stocks are, on average, holding a PEG ratio of 0.91 based on yesterday's closing prices.
The Banks - Foreign industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 56, which puts it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Toronto-Dominion Bank (TD) Stock Sinks As Market Gains: What You Should Know
Toronto-Dominion Bank (TD - Free Report) closed at $61.71 in the latest trading session, marking a -0.4% move from the prior day. This change lagged the S&P 500's 0.09% gain on the day. At the same time, the Dow added 0.07%, and the tech-heavy Nasdaq gained 0.98%.
Coming into today, shares of the retail and wholesale bank had gained 9.94% in the past month. In that same time, the Finance sector gained 5.3%, while the S&P 500 gained 4.59%.
Wall Street will be looking for positivity from Toronto-Dominion Bank as it approaches its next earnings report date. This is expected to be May 25, 2023. The company is expected to report EPS of $1.56, down 2.5% from the prior-year quarter. 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.
Any recent changes to analyst estimates for Toronto-Dominion Bank should also be noted by investors. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection has moved 1.08% lower. Toronto-Dominion Bank is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Toronto-Dominion Bank is currently trading at a Forward P/E ratio of 9.43. For comparison, its industry has an average Forward P/E of 7.51, which means Toronto-Dominion Bank is trading at a premium to the group.
Also, we should mention that TD has a PEG ratio of 1.17. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Banks - Foreign stocks are, on average, holding a PEG ratio of 0.91 based on yesterday's closing prices.
The Banks - Foreign industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 56, which puts it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.