State Board of Administration of Florida Retirement System Increases Holdings in TCF Financial Co. (TCF)

State Board of Administration of Florida Retirement System raised its position in TCF Financial Co. (NYSE:TCF) by 5.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 302,748 shares of the bank’s stock after purchasing an additional 16,827 shares during the period. State Board of Administration of Florida Retirement System owned 0.18% of TCF Financial worth $6,906,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TCF. Louisiana State Employees Retirement System purchased a new position in TCF Financial in the 4th quarter valued at $892,000. Bank of Montreal Can purchased a new position in TCF Financial in the 4th quarter valued at $6,355,000. Schwab Charles Investment Management Inc. lifted its holdings in TCF Financial by 3.1% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,130,356 shares of the bank’s stock valued at $23,173,000 after purchasing an additional 34,043 shares in the last quarter. Acadian Asset Management LLC purchased a new position in TCF Financial in the 4th quarter valued at $737,000. Finally, Oakbrook Investments LLC purchased a new position in TCF Financial in the 4th quarter valued at $296,000. Institutional investors own 85.32% of the company’s stock.

NYSE TCF opened at $26.39 on Wednesday. TCF Financial Co. has a 52 week low of $14.58 and a 52 week high of $26.76. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $4.33 billion, a PE ratio of 21.99, a P/E/G ratio of 1.74 and a beta of 1.04.

TCF Financial (NYSE:TCF) last posted its quarterly earnings results on Monday, April 23rd. The bank reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. The business had revenue of $355.40 million for the quarter, compared to analyst estimates of $349.56 million. TCF Financial had a return on equity of 10.86% and a net margin of 19.62%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. sell-side analysts expect that TCF Financial Co. will post 1.79 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Tuesday, May 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Monday, May 14th. TCF Financial’s payout ratio is 50.00%.

A number of brokerages have weighed in on TCF. Jefferies Group restated a “hold” rating on shares of TCF Financial in a report on Thursday, February 1st. Zacks Investment Research lowered TCF Financial from a “buy” rating to a “hold” rating in a report on Friday, April 6th. Barclays raised their price objective on TCF Financial from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, April 24th. UBS began coverage on TCF Financial in a report on Thursday, March 22nd. They issued a “neutral” rating and a $24.00 price objective on the stock. Finally, Wells Fargo & Co lowered TCF Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $24.75.

In related news, Director Peter Bell sold 9,716 shares of the firm’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $25.39, for a total transaction of $246,689.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Barry N. Winslow sold 12,000 shares of the firm’s stock in a transaction dated Friday, May 11th. The stock was sold at an average price of $25.99, for a total value of $311,880.00. The disclosure for this sale can be found here. 2.34% of the stock is currently owned by company insiders.

About TCF Financial

TCF Financial Corporation operates as the holding company for TCF National Bank that provides various financial products and services in the United States and Canada. It operates through Consumer Banking, Wholesale Banking, and Enterprise Services segments. The company offers checking, savings, and money market accounts; certificates of deposits; and individual retirement accounts.

Institutional Ownership by Quarter for TCF Financial (NYSE:TCF)

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