December 04, 2012 at 09:04 AM EST
Citigroup Initiates Coverage of TD Bank (TD)

Citigroup reported on Tuesday that they have begun coverage of financial services company, Toronto-Dominion Bank(TD).

The firm announced that they have initiated coverage of TD with a “Buy” rating and a $92 price target. This price target suggests a 9% increase over the stock’s current price of $83.33.

Analysts reported that they see an upside on dividends for the company.

Toronto-Dominion Bank shares were mostly flat during premarket trading Tuesday. The stock is up 11.39% YTD.

The Bottom Line
We have been recommending shares of Toronto-Dominion Bank (TD) since Aug.31, when the stock was trading at $81.29. The company has a 3.70% dividend yield, based on last night’s closing stock price of $83.33.

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.

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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