Why Toronto-Dominion Bank Stock Flopped Today
Investors remain nervous about bank stocks in the wake of high-profile lender failures this year. As a result, they can take even a mild earnings miss hard when a bank reports underwhelming quarterly figures. That was the case with Canada-based lender Toronto-Dominion Bank (NYSE: TD) on Thursday. The company's stock closed more than 4% lower, on a day when the S 500 enjoyed a rise of almost 1%.
For its fiscal second quarter of 2023, Toronto-Dominion's total revenue came in at 12.54 billion Canadian dollars ($9.25 billion), according to non-GAAP (adjusted) standards. That was comfortably above the CA$11.26 billion ($8.31 billion) the bank earned in the same quarter last year. It also topped the average $12.38 billion ($9.13 billion) analyst estimate.
That was on the back of notable growth in total net loans, which rose by 11% year over year to hit nearly CA$850 million ($627 million). Growth in deposits was sluggish, however; it ticked up less than 1% to almost CA$1.19 billion ($878 million).
Source Fool.com
Toronto-Dominion Bank Stock
Currently there is a rather positive sentiment for Toronto-Dominion Bank with 3 Buy predictions and 1 Sell predictions.
With a target price of 86 € there is a hugely positive potential of 61.62% for Toronto-Dominion Bank compared to the current price of 53.21 €.
