Toronto-Dominion Bank Misses Q4 Estimates; Raises Dividend; Announces Stock Split (TD)
Financial services company Toronto-Dominion Bank (TD) shares were down over 5% on Thursday morning after the company reported Q4 earnings that came in below estimates.
TD’s Earnings in Brief
-TD reported Q4 net income of C$1.62 billion, or C$1.68 per share, up from C$1.60 billion, or C$1.66 per share a year ago.
-Excluding special items, earnings were C$1.82 billion, or C$1.90 per share, below analysts’ estimate of C$1.99 per share.
-Total revenue rose to C$7.0 billion from C$6.58 billion last year. Analysts expected to see revenue of C$6.37 billion.
-The company announced that there will be a two-for-one stock split on its common stock.
TD reported that it has raised its quarterly dividend by 1 cent to 86 cents per share, or $3.44 annually. This increase comes after the company raised its dividend by 4 cents in the third quarter.
TD shares were down $5.00, or 5.58%, during pre-market trading Thursday. The stock is up 6% YTD.
The Bottom Line
Shares of Toronto-Dominion Bank (TD) have a 3.79% yield based on Wednesday’s closing price of $89.64.
Toronto-Dominion Bank (TD) is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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