TCF Financial Corporation (TCF) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of TCF Financial Corporation (NYSE:TCF) from a buy rating to a hold rating in a report issued on Thursday morning.
According to Zacks, “TCF Financial's shares underperformed the industry over the past one year. The company’s second-quarter 2017 earnings outpaced the Zacks Consensus Estimate. The quarter witnessed improvement in net interest income and loans. Elevated expenses and provisions were on the downside. The company has been benefiting from improving credit quality in consumer real estate portfolio and witnessed enhanced profitability ratios as well. Increasing loans and strong deposit mix keep us encouraged. Further, the approval of Financial Choice Act is likely to support TCF Financial's profitability. However, the banking fees have been declining consistently for the last few years. Additionally, mounting expenses remains a near-term headwind. Nevertheless, Fed interest rate hikes are expected to ease pressure on the margins further.”
Several other research analysts also recently commented on TCF. Deutsche Bank AG reiterated a hold rating and set a $17.00 target price (down from $18.00) on shares of TCF Financial Corporation in a research note on Tuesday, July 25th. Morgan Stanley reiterated an equal weight rating and set a $17.00 target price (up from $16.50) on shares of TCF Financial Corporation in a research note on Friday, July 7th. Finally, Wedbush began coverage on TCF Financial Corporation in a research note on Wednesday, June 28th. They set an underperform rating and a $14.00 target price for the company.
Shares of TCF Financial Corporation (NYSE:TCF) traded up 1.052% on Thursday, hitting $15.845. The stock had a trading volume of 666,747 shares. TCF Financial Corporation has a 52 week low of $13.23 and a 52 week high of $20.03. The company has a market cap of $2.66 billion, a PE ratio of 13.899 and a beta of 1.26. The stock’s 50-day moving average price is $15.81 and its 200 day moving average price is $16.69.
TCF Financial Corporation (NYSE:TCF) last issued its earnings results on Monday, July 24th. The company reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.03. TCF Financial Corporation had a return on equity of 9.59% and a net margin of 15.13%. The company had revenue of $341.80 million during the quarter, compared to the consensus estimate of $336.12 million. During the same period in the previous year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, analysts predict that TCF Financial Corporation will post $1.20 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.30 annualized dividend and a dividend yield of 1.91%. TCF Financial Corporation’s dividend payout ratio is currently 25.86%.
In other news, CFO Brian W. Maass purchased 3,225 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was acquired at an average cost of $15.50 per share, with a total value of $49,987.50. Following the acquisition, the chief financial officer now owns 60,027 shares in the company, valued at approximately $930,418.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barry N. Winslow sold 10,274 shares of TCF Financial Corporation stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $25.19, for a total value of $258,802.06. Following the sale, the director now directly owns 2,365 shares of the company’s stock, valued at $59,574.35. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 4,201 shares of company stock valued at $75,015. 2.50% of the stock is currently owned by insiders.
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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