Rhumbline Advisers Boosts Position in TCF Financial Co. (NYSE:TCF)
Rhumbline Advisers boosted its position in shares of TCF Financial Co. (NYSE:TCF) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 407,450 shares of the bank’s stock after acquiring an additional 29,989 shares during the quarter. Rhumbline Advisers owned 0.27% of TCF Financial worth $9,233,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC grew its holdings in TCF Financial by 561.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,123 shares of the bank’s stock valued at $192,000 after purchasing an additional 3,500 shares during the period. Janney Montgomery Scott LLC bought a new stake in TCF Financial during the fourth quarter valued at about $226,000. Exane Derivatives bought a new stake in TCF Financial during the fourth quarter valued at about $432,000. Strs Ohio grew its holdings in TCF Financial by 72.4% during the fourth quarter. Strs Ohio now owns 12,679 shares of the bank’s stock valued at $593,000 after purchasing an additional 5,325 shares during the period. Finally, State of Michigan Retirement System grew its holdings in TCF Financial by 1.3% during the fourth quarter. State of Michigan Retirement System now owns 45,173 shares of the bank’s stock valued at $2,114,000 after purchasing an additional 600 shares during the period. Institutional investors own 80.46% of the company’s stock.
Several analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on TCF Financial from $27.50 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Wells Fargo & Co dropped their price objective on TCF Financial from $51.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, January 29th. Morgan Stanley dropped their price objective on TCF Financial from $38.00 to $31.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 7th. Piper Sandler upped their price objective on TCF Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Finally, Wedbush raised TCF Financial from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $28.00 to $31.00 in a research note on Friday, April 17th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $39.67.
TCF Financial (NYSE:TCF) last announced its quarterly earnings results on Monday, April 27th. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. TCF Financial had a return on equity of 14.01% and a net margin of 20.10%. The company had revenue of $538.44 million during the quarter, compared to analyst estimates of $534.33 million. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, equities research analysts forecast that TCF Financial Co. will post 1.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 5.28%. The ex-dividend date of this dividend is Thursday, May 14th. TCF Financial’s payout ratio is presently 73.68%.
TCF Financial Company Profile
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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