TCF Financial (TCF) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of TCF Financial (NYSE:TCF) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $27.00 price objective on the bank’s stock.

According to Zacks, “Shares of TCF Financial have outperformed the industry over the past six months. Also, the company has a decent earnings surprise history, surpassing the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company’s increasing loans and strong deposit mix will likely continue to aid profitability. Also, it has been benefiting from improving credit quality in consumer real estate portfolio and has witnessed enhanced profitability ratios as well, which keeps us encouraged. However, TCF Financial’s revenues continue to be hurt by the persistently declining banking fees over the last few years. Nevertheless, its several ongoing initiatives, including digital strategy, remains a tailwind.”

Other equities research analysts have also issued reports about the stock. Sandler O’Neill restated a buy rating and set a $29.00 price objective on shares of TCF Financial in a report on Friday, July 27th. Bank of America upgraded shares of TCF Financial from a neutral rating to a buy rating and raised their price objective for the stock from $25.00 to $30.00 in a report on Thursday, September 6th. Morgan Stanley raised their price objective on shares of TCF Financial from $26.00 to $27.00 and gave the stock an equal weight rating in a report on Tuesday, July 31st. Wells Fargo & Co set a $25.00 price objective on shares of TCF Financial and gave the stock a hold rating in a report on Tuesday, October 2nd. Finally, Jefferies Financial Group restated a hold rating and set a $26.00 price objective on shares of TCF Financial in a report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $25.81.

Shares of NYSE:TCF opened at $22.91 on Wednesday. TCF Financial has a 12 month low of $16.71 and a 12 month high of $27.34. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.67. The firm has a market cap of $3.99 billion, a P/E ratio of 19.09, a P/E/G ratio of 1.12 and a beta of 1.01.

TCF Financial (NYSE:TCF) last issued its quarterly earnings data on Friday, July 27th. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. TCF Financial had a net margin of 19.04% and a return on equity of 11.81%. The business had revenue of $364.90 million for the quarter, compared to analyst estimates of $361.56 million. During the same period last year, the business posted $0.33 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. Research analysts predict that TCF Financial will post 1.82 earnings per share for the current fiscal year.

In other TCF Financial news, insider Thomas F. Jasper sold 77,725 shares of TCF Financial stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $25.69, for a total value of $1,996,755.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian W. Maass sold 12,236 shares of TCF Financial stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $25.74, for a total transaction of $314,954.64. The disclosure for this sale can be found here. Insiders sold a total of 139,961 shares of company stock worth $3,596,710 over the last quarter. Company insiders own 2.34% of the company’s stock.

A number of hedge funds have recently modified their holdings of TCF. Northern Trust Corp increased its stake in TCF Financial by 0.3% in the 1st quarter. Northern Trust Corp now owns 1,435,361 shares of the bank’s stock valued at $32,741,000 after buying an additional 4,469 shares during the last quarter. Sei Investments Co. increased its stake in TCF Financial by 43.4% in the 1st quarter. Sei Investments Co. now owns 82,688 shares of the bank’s stock valued at $1,886,000 after buying an additional 25,012 shares during the last quarter. Stifel Financial Corp increased its stake in TCF Financial by 31.7% in the 1st quarter. Stifel Financial Corp now owns 112,742 shares of the bank’s stock valued at $2,574,000 after buying an additional 27,113 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of TCF Financial during the 1st quarter worth about $1,256,000. Finally, Principal Financial Group Inc. increased its stake in shares of TCF Financial by 9.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,901,195 shares of the bank’s stock worth $43,366,000 after purchasing an additional 156,444 shares during the last quarter. Hedge funds and other institutional investors own 81.39% of the company’s stock.

TCF Financial Company Profile

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.

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