The Toronto-Dominion Bank (NYSE: TD) shares rose in value Tuesday Dec 13 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, the Dow DJIA, +0.47% climbed 106 points, or 0.6%, to 19,905. If the Dow finishes higher, it will notch its seventh straight gain.
The S&P 500 index SPX, +0.56% gained 10.45 points, or 0.5%, to 2,267 and the tech-heavy Nasdaq Composite Index COMP, +1.02% added 48 points, or 0.9%, to 5,461.
Both the S&P 500 index SPX, +0.56% and Nasdaq Composite COMP, +1.02% ended lower on Monday, with investors appearing reluctant to push shares higher ahead of the Fed meeting
Analysts at Zacks Investment Research upgraded shares of The Toronto-Dominion Bank (NYSE: TD) from Sell to Hold today. Zacks Investment Research currently has a rating of Hold on the shares. The one-year price target of $49.12 is lower than the opening price of $50.03, that has caused a number of other analysts to issue statements on the stock recently. Looking back over the last 52 weeks, The Toronto-Dominion Bank stock has a high of $50.26. Share prices sometimes get a boost to the upside when analysts upgrade a stock.
The Toronto-Dominion Bank (NYSE: TD) shares last traded at $50.20, which is an increase of $0.33 or 0.66% from the previous closing price. Opening at $50.03, they ranged from $50.01 and $50.26 throughout the day.
The Toronto-Dominion Bank (NYSE: TD) currently has a market cap of 93.23B.
The Toronto-Dominion Bank (NYSE: TD) Average Daily Trading Volume
The stock’s average daily volume is 1,286,990 shares out of a total float 1,803,192,000 and some 159,994 shares traded hands yesterday, below normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to pinpoint heavy volume growth or dissemination by institutional investors.
However, a single day of heavy buy side trading is not enough to affirm a trend. So market traders will continue to watch for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
The Toronto-Dominion Bank (NYSE: TD) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective choices on trades.
With that in mind, The Toronto-Dominion Bank (NYSE: TD) now has a 50-day MA of $46.65 and 200-day MA of $44.58. It has traded in a 52-week range between $33.49 – 50.26 and today’s last price is 0.12%% lower than the 52 week high of $50.26.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors look for companies that have been successful at growing their earnings by at least 25% over 3 consecutive years.
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