Zacks Investment Research cut shares of TCF Financial (NYSE:TCF) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “Shares of TCF Financial have outperformed the industry over the past six months. Yet, the company’s earnings surprise history is not impressive. It missed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. In fourth-quarter 2017, the company witnessed higher expenses and provisions, partially offset by robust organic growth. TCF Financial’s revenues continue to be hurt by the consistently declining banking fees over the last few years. Also, mounting costs due to increasing staff level is expected to impact bottom line. However, increasing loans and strong deposit mix will likely aid profitability. The company has been also benefiting from improving credit quality in consumer real estate portfolio and has witnessed enhanced profitability ratios as well, which keeps us encouraged.”
A number of other research firms have also recently commented on TCF. Deutsche Bank lifted their price target on TCF Financial from $17.00 to $18.00 and gave the stock a hold rating in a report on Wednesday, November 8th. Piper Jaffray Companies restated a buy rating and set a $25.00 price objective on shares of TCF Financial in a research report on Tuesday, January 9th. Royal Bank of Canada restated a buy rating and set a $25.00 price objective on shares of TCF Financial in a research report on Wednesday, January 31st. Morgan Stanley raised their price objective on shares of TCF Financial from $21.50 to $22.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. Finally, Wells Fargo & Co downgraded shares of TCF Financial from an outperform rating to a market perform rating in a research report on Wednesday, January 31st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $21.58.
TCF Financial (TCF) opened at $22.07 on Tuesday. TCF Financial has a 1-year low of $14.58 and a 1-year high of $22.42. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $3,795.61, a PE ratio of 18.42, a P/E/G ratio of 1.58 and a beta of 1.21.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, February 14th. This is an increase from TCF Financial’s previous quarterly dividend of $0.08. This represents a $0.60 annualized dividend and a yield of 2.72%. TCF Financial’s dividend payout ratio (DPR) is 41.67%.
In other news, Director Peter Bell sold 15,000 shares of TCF Financial stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $20.53, for a total value of $307,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. acquired a new stake in shares of TCF Financial in the third quarter valued at approximately $18,682,000. JPMorgan Chase & Co. raised its position in shares of TCF Financial by 12.1% in the third quarter. JPMorgan Chase & Co. now owns 6,274,734 shares of the bank’s stock valued at $106,545,000 after buying an additional 676,834 shares in the last quarter. Prudential Financial Inc. raised its position in shares of TCF Financial by 110.0% in the third quarter. Prudential Financial Inc. now owns 1,287,685 shares of the bank’s stock valued at $21,942,000 after buying an additional 674,360 shares in the last quarter. Carlson Capital Management acquired a new stake in shares of TCF Financial in the fourth quarter valued at approximately $2,385,000. Finally, Disciplined Growth Investors Inc. MN acquired a new stake in shares of TCF Financial in the third quarter valued at approximately $30,950,000. Institutional investors own 82.89% of the company’s stock.
About TCF Financial
TCF Financial Corporation (TCF) is a bank holding company. The Company’s principal subsidiary is TCF National Bank (TCF Bank). The Company operates in three segments: Consumer Banking, Wholesale Banking and Enterprise Services. Consumer Banking comprises all of the Company’s consumer-facing businesses.
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