TCF Financial (NYSE:TCF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $23.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.38% from the company’s previous close.
According to Zacks, “Shares of TCF Financial have outperformed the industry over the past three 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. 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. Notably, following the recent Fed interest rate hike, the company raised its prime lending rate to 4.50%, which will further support revenue growth.”
Several other equities research analysts have also recently weighed in on the company. ValuEngine raised TCF Financial from a “hold” rating to a “buy” rating in a research note on Sunday. Jefferies Group reaffirmed a “hold” rating and issued a $21.00 price target on shares of TCF Financial in a research note on Friday, December 8th. DA Davidson reaffirmed a “buy” rating and issued a $23.00 price target on shares of TCF Financial in a research note on Wednesday, November 29th. Sandler O’Neill raised TCF Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, November 28th. Finally, Piper Jaffray Companies raised TCF Financial from a “neutral” rating to an “overweight” rating and set a $23.00 price target on the stock in a research note on Tuesday, November 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. TCF Financial has a consensus rating of “Hold” and a consensus price target of $19.69.
TCF Financial (NYSE:TCF) last issued its quarterly earnings results on Friday, October 27th. The bank reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.02). The firm had revenue of $343.30 million during the quarter, compared to analysts’ expectations of $340.45 million. TCF Financial had a return on equity of 9.63% and a net margin of 15.27%. TCF Financial’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share. equities research analysts predict that TCF Financial will post 0.9 earnings per share for the current year.
In other news, Director Peter Bell sold 15,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $20.53, for a total value of $307,950.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in TCF. State of Wisconsin Investment Board boosted its position in shares of TCF Financial by 1.3% during the second quarter. State of Wisconsin Investment Board now owns 31,648 shares of the bank’s stock valued at $504,000 after buying an additional 420 shares during the last quarter. Legal & General Group Plc boosted its position in shares of TCF Financial by 8.6% during the second quarter. Legal & General Group Plc now owns 205,642 shares of the bank’s stock valued at $3,278,000 after buying an additional 16,266 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of TCF Financial by 46.9% during the second quarter. BNP Paribas Arbitrage SA now owns 65,251 shares of the bank’s stock valued at $1,040,000 after buying an additional 20,839 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new stake in shares of TCF Financial during the second quarter valued at $660,000. Finally, Victory Capital Management Inc. boosted its position in shares of TCF Financial by 17.6% during the second quarter. Victory Capital Management Inc. now owns 9,156 shares of the bank’s stock valued at $146,000 after buying an additional 1,372 shares during the last quarter. 82.25% of the stock is currently owned by institutional investors.
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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