TCF Financial (TCF) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of TCF Financial (NYSE:TCF) from a buy rating to a hold rating in a report issued 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.”
A number of other analysts have also recently commented on TCF. BMO Capital Markets upgraded shares of TCF Financial from a market perform rating to an outperform rating and set a $26.00 price target for the company in a research note on Friday, February 9th. Jefferies Group reiterated a hold rating on shares of TCF Financial in a research note on Thursday, February 1st. Morgan Stanley increased their price target on shares of TCF Financial from $21.50 to $22.00 and gave the company an equal weight rating in a research note on Thursday, February 1st. ValuEngine upgraded shares of TCF Financial from a hold rating to a buy rating in a research note on Friday, February 2nd. Finally, Wells Fargo & Co cut shares of TCF Financial from an outperform rating to a market perform rating in a research note 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. TCF Financial presently has a consensus rating of Hold and a consensus target price of $21.58.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Wednesday, February 14th. This is a boost from TCF Financial’s previous quarterly dividend of $0.08. TCF Financial’s dividend payout ratio (DPR) is currently 20.83%.
In other news, Director Peter Bell sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.50% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of TCF. Dimensional Fund Advisors LP acquired a new stake in shares of TCF Financial during the 3rd quarter worth about $188,275,000. Wedge Capital Management L L P NC acquired a new stake in shares of TCF Financial during the 4th quarter worth about $83,140,000. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of TCF Financial during the 3rd quarter worth about $57,331,000. Bank of New York Mellon Corp acquired a new stake in shares of TCF Financial during the 4th quarter worth about $57,471,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in TCF Financial in the 4th quarter worth about $49,167,000. Institutional investors own 82.89% of the company’s stock.
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TCF Financial 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: Consumer Banking, Wholesale Banking and Enterprise Services. Consumer Banking comprises all of the Company’s consumer-facing businesses.
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