Zacks Investment Research lowered shares of TCF Financial (NYSE:TCF) from a buy rating to a hold rating in a research report report published on Tuesday morning.
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.”
Several other equities research analysts have also weighed in on the company. Deutsche Bank boosted their target price on TCF Financial from $17.00 to $18.00 and gave the stock a hold rating in a report on Wednesday, November 8th. Barclays upped their price target on TCF Financial from $21.00 to $23.00 and gave the stock an overweight rating in a report on Tuesday, January 2nd. Piper Jaffray Companies reiterated a buy rating and set a $25.00 price target on shares of TCF Financial in a report on Tuesday, January 9th. JPMorgan Chase & Co. upped their price target on TCF Financial from $18.00 to $19.00 and gave the stock a neutral rating in a report on Monday, October 30th. Finally, DA Davidson reiterated a buy rating and set a $23.00 price target on shares of TCF Financial in a report on Wednesday, November 29th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $21.58.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, February 14th. This is a positive change from TCF Financial’s previous quarterly dividend of $0.08. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.70%. TCF Financial’s payout ratio is 41.67%.
In other news, Director Peter Bell sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $20.53, for a total transaction of $307,950.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. increased its position in shares of TCF Financial by 16.2% during the second quarter. Advisor Group Inc. now owns 13,531 shares of the bank’s stock valued at $215,000 after purchasing an additional 1,886 shares during the period. Aperio Group LLC increased its position in shares of TCF Financial by 7.3% during the third quarter. Aperio Group LLC now owns 52,186 shares of the bank’s stock valued at $889,000 after purchasing an additional 3,550 shares during the period. Victory Capital Management Inc. increased its position in shares of TCF Financial by 40.4% during the third quarter. Victory Capital Management Inc. now owns 12,854 shares of the bank’s stock valued at $219,000 after purchasing an additional 3,698 shares during the period. Ameriprise Financial Inc. increased its position in shares of TCF Financial by 0.7% during the third quarter. Ameriprise Financial Inc. now owns 584,600 shares of the bank’s stock valued at $9,961,000 after purchasing an additional 4,110 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of TCF Financial by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 251,578 shares of the bank’s stock valued at $4,010,000 after purchasing an additional 4,722 shares during the period. Institutional investors and hedge funds 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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