Analysts Turn Bullish on The Toronto-Dominion Bank (TD). Here is Why

With an annual dividend yield of 2.80%, The Toronto-Dominion Bank (NYSE:TD) is included among the 12 High Yield Fortune 500 Stocks to Buy Now.

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The Toronto-Dominion Bank (NYSE:TD) and its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by assets and serves around 28 million customers in a number of locations in key financial centres around the globe.

On June 1, RBC Capital upped its price target on The Toronto-Dominion Bank (NYSE:TD) from C$138 to C$156, while maintaining an ‘Outperform’ rating on the shares.

Similarly, on the same day, the analysts over at Scotiabank also raised the firm’s price target on The Toronto-Dominion Bank (NYSE:TD) from C$150 to C$165, while keeping an ‘Outperform’ rating on the shares. The target boost reflects an upside of over 3% from the current price level.

The bullish sentiment comes after TD exceeded expectations in its Q2 report on May 28, helped by the robust performance at its Canadian personal and commercial banking, wealth, and wholesale banking units. The company delivered record Q2 earnings in Canadian Personal and Commercial Banking, all-time high earnings in Wealth Management and Insurance and Wholesale Banking, and also achieved accelerated momentum in US Banking.

The Toronto-Dominion Bank (NYSE:TD) also raised its quarterly dividend by 3.7% to C$1.12 per share, payable on July 31 to shareholders as of the July 10 record. The stock currently boasts an impressive annual dividend yield of 2.80%.

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