TCF Financial Corp. (TCB) Rating Increased to Buy at Zacks Investment Research
TCF Financial Corp. (NYSE:TCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $16.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 9.29% from the company’s previous close.
According to Zacks, “TCF Financial's estimates have been rising lately ahead of the company’s third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. We remain encouraged by TCF Financial's increasing loans and strong deposit mix, depicting its organic growth. Also, steady improvement in the economy will support its future performance. Further, the company’s focus on expansion highlights its future growth prospects. Additionally, the company benefits from an improving credit quality and is witnessing enhanced profitability ratios as well. However, bottom-line growth remains challenged by the company’s expanding cost base. Further, margin pressure and a stringent regulatory landscape remain other near-term headwinds.”
TCB has been the topic of a number of other reports. JPMorgan Chase & Co. reissued a “hold” rating on shares of TCF Financial Corp. in a research note on Saturday, July 9th. Barclays PLC raised their price objective on TCF Financial Corp. from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday. Piper Jaffray Cos. reaffirmed a “neutral” rating and issued a $15.00 target price on shares of TCF Financial Corp. in a report on Saturday, October 8th. Jefferies Group reaffirmed a “hold” rating and issued a $13.50 target price on shares of TCF Financial Corp. in a report on Thursday, July 7th. Finally, Keefe, Bruyette & Woods raised their target price on TCF Financial Corp. from $15.00 to $15.50 and gave the company a “market perform” rating in a report on Monday, July 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $14.79.
Shares of TCF Financial Corp. (NYSE:TCB) traded down 3.89% during midday trading on Thursday, reaching $14.07. The company’s stock had a trading volume of 511,939 shares. The stock has a 50 day moving average price of $14.49 and a 200-day moving average price of $13.56. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.34 and a beta of 1.12. TCF Financial Corp. has a 52-week low of $10.37 and a 52-week high of $15.94.
TCF Financial Corp. (NYSE:TCB) last issued its quarterly earnings data on Friday, July 22nd. The company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.02. TCF Financial Corp. had a return on equity of 10.14% and a net margin of 15.34%. The business had revenue of $330.90 million for the quarter, compared to the consensus estimate of $214.32 million. During the same period last year, the business earned $0.29 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts expect that TCF Financial Corp. will post $1.18 EPS for the current year.
A number of hedge funds have recently made changes to their positions in the stock. Pacad Investment Ltd. bought a new stake in shares of TCF Financial Corp. during the second quarter valued at approximately $120,000. Hsbc Holdings PLC bought a new stake in shares of TCF Financial Corp. during the second quarter valued at approximately $129,000. Bank of Montreal Can bought a new stake in shares of TCF Financial Corp. during the second quarter valued at approximately $130,000. Fox Run Management L.L.C. bought a new stake in shares of TCF Financial Corp. during the third quarter valued at approximately $147,000. Finally, White Pine Capital LLC raised its stake in shares of TCF Financial Corp. by 27.4% in the second quarter. White Pine Capital LLC now owns 13,932 shares of the company’s stock valued at $176,000 after buying an additional 3,000 shares in the last quarter. 78.20% of the stock is currently owned by institutional investors and hedge funds.
TCF Financial Corp. Company Profile
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: Lending, Funding and Support Services. Its Lending segment includes consumer real estate, commercial real estate and business lending, leasing and equipment finance, inventory finance and auto finance.
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