Toronto-Dominion Bank (USA) (NYSE:TD) was in 10 hedge funds’ portfolio at the end of March. TD shareholders have witnessed a decrease in hedge fund sentiment of late. There were 11 hedge funds in our database with TD holdings at the end of the previous quarter.
In today’s marketplace, there are dozens of gauges shareholders can use to watch publicly traded companies. Some of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the best fund managers can outpace their index-focused peers by a superb margin (see just how much).
Just as key, positive insider trading sentiment is a second way to parse down the financial markets. There are plenty of reasons for an executive to sell shares of his or her company, but just one, very clear reason why they would initiate a purchase. Many empirical studies have demonstrated the valuable potential of this method if “monkeys” understand what to do (learn more here).
Consequently, we’re going to take a glance at the key action surrounding Toronto-Dominion Bank (USA) (NYSE:TD).
What have hedge funds been doing with Toronto-Dominion Bank (USA) (NYSE:TD)?
In preparation for this quarter, a total of 10 of the hedge funds we track were bullish in this stock, a change of -9% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were boosting their stakes significantly.
According to our comprehensive database, Daniel Bubis’s Tetrem Capital Management had the biggest position in Toronto-Dominion Bank (USA) (NYSE:TD), worth close to $241.4 million, accounting for 7.3% of its total 13F portfolio. On Tetrem Capital Management’s heels is Renaissance Technologies, managed by Jim Simons, which held a $41.8 million position; 0.1% of its 13F portfolio is allocated to the stock. Other hedgies with similar optimism include Neil Chriss’s Hutchin Hill Capital, D. E. Shaw’s D E Shaw and Ken Gray and Steve Walsh’s Bryn Mawr Capital.
Due to the fact that Toronto-Dominion Bank (USA) (NYSE:TD) has witnessed bearish sentiment from the smart money, we can see that there was a specific group of hedgies that decided to sell off their full holdings last quarter. Intriguingly, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital dropped the biggest stake of all the hedgies we watch, worth close to $13.4 million in stock.. Malcolm Fairbairn’s fund, Ascend Capital, also dropped its stock, about $9.8 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest was cut by 1 funds last quarter.
Insider trading activity in Toronto-Dominion Bank (USA) (NYSE:TD)
Bullish insider trading is best served when the company in question has experienced transactions within the past 180 days. Over the last six-month time frame, Toronto-Dominion Bank (USA) (NYSE:TD) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Toronto-Dominion Bank (USA) (NYSE:TD). These stocks are Bank of Montreal (USA) (NYSE:BMO), Citigroup Inc. (NYSE:C), Bank of America Corp (NYSE:BAC), Mitsubishi UFJ Financial Group Inc (ADR) (NYSE:MTU), and The Bank of Nova Scotia (USA) (NYSE:BNS). This group of stocks are the members of the money center banks industry and their market caps match TD’s market cap.