September 01, 2011 at 08:35 AM EDT
TD Bank’s Q3 Profit Jumps 23%, Beating View; Dividend Raised (TD)

Canadian banking giant Toronto-Dominion Bank (TD) on Thursday posted better-than-expected fiscal third quarter earnings and boosted its quarterly dividend payout.

The Toronto-based company reported fiscal third quarter net income of C$1.45 billion, or C$1.58 per share, compared with C$1.18 billion, or C$1.29 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.72 per share.

Revenue rose 13% from last year to C$5.35 billion.

On average, Wall Street analysts expected a smaller profit of C$1.62 per share.

Additionally, TD said it boosted its quarterly dividend payout to 68 cents per share, up 3% from its prior level of 66 cents. The new dividend will be payable Oct. 31 to shareholders of record as of Oct. 5.

TD Bank shares were unchanged in premarket trading Thursday.

The Bottom Line
Shares of Toronto-Dominion Bank (TD) will now have a 3.45% dividend yield, based on the higher dividend payout and last night’s closings stock price of $78.85. The stock has technical support in the $72-$75 price area. If the shares can firm up, we see overhead resistance around the $80-$82 price levels.

Toronto-Dominion Bank (TD) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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