Wedge Capital Management L L P NC Raises Stock Holdings in TCF Financial Co. (NYSE:TCF)
Wedge Capital Management L L P NC grew its stake in TCF Financial Co. (NYSE:TCF) by 59.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,031,406 shares of the bank’s stock after buying an additional 385,220 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.63% of TCF Financial worth $21,443,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Investors Research Corp purchased a new stake in TCF Financial in the first quarter worth about $25,000. Northern Oak Wealth Management Inc. purchased a new stake in TCF Financial in the first quarter worth about $40,000. Cullen Frost Bankers Inc. purchased a new stake in TCF Financial in the first quarter worth about $41,000. Toronto Dominion Bank increased its position in TCF Financial by 14.8% in the first quarter. Toronto Dominion Bank now owns 3,693 shares of the bank’s stock worth $76,000 after buying an additional 476 shares in the last quarter. Finally, Palisade Asset Management LLC purchased a new stake in TCF Financial in the first quarter worth about $203,000. Institutional investors and hedge funds own 80.46% of the company’s stock.
Shares of NYSE:TCF traded down $1.39 during trading on Wednesday, hitting $36.72. 28,688 shares of the company’s stock were exchanged, compared to its average volume of 777,907. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.97 and a current ratio of 0.97. TCF Financial Co. has a 52-week low of $34.62 and a 52-week high of $59.10. The firm has a 50-day moving average of $25.75. The firm has a market capitalization of $2.70 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 1.36 and a beta of 1.30.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 14th. This represents a $1.40 annualized dividend and a dividend yield of 3.81%. This is a boost from TCF Financial’s previous quarterly dividend of $0.15. TCF Financial’s dividend payout ratio (DPR) is currently 71.58%.
In related news, EVP Michael Scott Jones sold 40,000 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $19.58, for a total transaction of $783,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.50% of the company’s stock.
TCF has been the subject of a number of analyst reports. Morgan Stanley upped their price target on TCF Financial from $22.50 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. BMO Capital Markets initiated coverage on TCF Financial in a research report on Friday, August 2nd. They issued an “outperform” rating and a $51.00 price target for the company. Piper Jaffray Companies set a $27.00 price target on TCF Financial and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Raymond James set a $28.00 price target on TCF Financial and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, ValuEngine upgraded TCF Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. TCF Financial presently has an average rating of “Buy” and an average price target of $30.90.
About TCF Financial
TCF Financial Corporation operates as the bank 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 deposit; and individual retirement accounts.
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