Zacks Investment Research lowered shares of TCF Financial Corporation (NYSE:TCF) from a buy rating to a hold rating in a research report report published on Thursday, November 2nd.
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. Third-quarter results were affected by higher expenses and provisions, partially offset by rise in loans and deposits. 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, strong deposit mix and easing margin pressure will likely to 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.”
Several other brokerages have also issued reports on TCF. JMP Securities began coverage on shares of TCF Financial Corporation in a research note on Thursday, August 31st. They issued a mkt perform rating on the stock. Royal Bank Of Canada reaffirmed a buy rating and issued a $19.00 target price on shares of TCF Financial Corporation in a research note on Friday, September 8th. J P Morgan Chase & Co raised their target price on shares of TCF Financial Corporation from $18.00 to $19.00 and gave the company a neutral rating in a research note on Monday, October 30th. Deutsche Bank AG reissued a hold rating and set a $17.00 price objective (down previously from $18.00) on shares of TCF Financial Corporation in a research note on Tuesday, July 25th. Finally, Morgan Stanley reissued an equal weight rating and set a $17.00 price objective (up previously from $16.50) on shares of TCF Financial Corporation in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $18.42.
Shares of TCF Financial Corporation (TCF) traded down $0.01 during trading on Thursday, hitting $18.37. 723,636 shares of the company were exchanged, compared to its average volume of 1,530,602. The firm has a market cap of $3,150.00, a PE ratio of 16.01, a P/E/G ratio of 1.81 and a beta of 1.25. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.59. TCF Financial Corporation has a 1-year low of $14.58 and a 1-year high of $20.03.
TCF Financial Corporation (NYSE:TCF) last issued its quarterly earnings data on Friday, October 27th. The bank reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). TCF Financial Corporation had a return on equity of 9.63% and a net margin of 15.27%. The company had revenue of $343.30 million for the quarter, compared to the consensus estimate of $340.45 million. During the same period in the prior year, the company earned $0.31 EPS. The firm’s revenue was up .4% compared to the same quarter last year. equities analysts predict that TCF Financial Corporation will post 1.22 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.30 dividend on an annualized basis and a yield of 1.63%. TCF Financial Corporation’s dividend payout ratio (DPR) is 26.55%.
In related news, Director Barry N. Winslow acquired 12,000 shares of TCF Financial Corporation stock in a transaction on Thursday, September 14th. The stock was purchased at an average cost of $25.00 per share, with a total value of $300,000.00. Following the completion of the transaction, the director now directly owns 2,365 shares in the company, valued at approximately $59,125. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.50% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of TCF Financial Corporation by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,059,786 shares of the bank’s stock valued at $239,297,000 after acquiring an additional 979,103 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of TCF Financial Corporation in the third quarter valued at about $188,275,000. JPMorgan Chase & Co. boosted its position in shares of TCF Financial Corporation 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 acquiring an additional 676,834 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of TCF Financial Corporation by 0.3% in the second quarter. Wedge Capital Management L L P NC now owns 4,227,873 shares of the bank’s stock valued at $67,392,000 after acquiring an additional 11,636 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in shares of TCF Financial Corporation in the third quarter valued at about $57,331,000. 77.91% of the stock is owned by institutional investors.
About TCF Financial Corporation
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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