State of Tennessee Treasury Department Acquires New Holdings in TCF Financial Co. (TCF)
State of Tennessee Treasury Department acquired a new position in TCF Financial Co. (NYSE:TCF) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 230,000 shares of the bank’s stock, valued at approximately $4,715,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Schwab Charles Investment Management Inc. purchased a new stake in TCF Financial in the third quarter worth about $18,682,000. JPMorgan Chase & Co. lifted its holdings in TCF Financial by 12.1% in the third quarter. JPMorgan Chase & Co. now owns 6,274,734 shares of the bank’s stock worth $106,545,000 after buying an additional 676,834 shares during the period. CNA Financial Corp purchased a new stake in TCF Financial in the fourth quarter worth about $730,000. Prudential Financial Inc. lifted its holdings in TCF Financial by 110.0% in the third quarter. Prudential Financial Inc. now owns 1,287,685 shares of the bank’s stock worth $21,942,000 after buying an additional 674,360 shares during the period. Finally, Carlson Capital Management purchased a new stake in TCF Financial in the fourth quarter worth about $2,385,000. Institutional investors and hedge funds own 79.11% of the company’s stock.
TCF has been the subject of several research analyst reports. Deutsche Bank raised their price objective on shares of TCF Financial from $17.00 to $18.00 and gave the stock a “hold” rating in a report on Wednesday, November 8th. Piper Jaffray Companies upgraded shares of TCF Financial from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a report on Tuesday, November 28th. Sandler O’Neill upgraded shares of TCF Financial from a “hold” rating to a “buy” rating in a report on Tuesday, November 28th. DA Davidson reiterated a “buy” rating and set a $23.00 target price on shares of TCF Financial in a report on Wednesday, November 29th. Finally, Jefferies Group reiterated a “hold” rating and set a $21.00 target price on shares of TCF Financial in a report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $21.58.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 15th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, February 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.64%. This is an increase from TCF Financial’s previous quarterly dividend of $0.08. TCF Financial’s dividend payout ratio (DPR) is 90.91%.
In related news, Director Peter Bell sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $20.53, for a total transaction of $307,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.50% of the stock is owned by company insiders.
TCF Financial 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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