State of Tennessee Treasury Department decreased its position in shares of TCF Financial Co. (NYSE:TCF) by 41.6% in the first quarter, HoldingsChannel.com reports. The firm owned 180,628 shares of the bank’s stock after selling 128,629 shares during the quarter. State of Tennessee Treasury Department’s holdings in TCF Financial were worth $3,738,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in TCF. Norges Bank purchased a new position in TCF Financial during the fourth quarter valued at approximately $48,472,000. Oregon Public Employees Retirement Fund raised its position in TCF Financial by 1,839.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,298,814 shares of the bank’s stock valued at $67,000 after acquiring an additional 1,231,829 shares in the last quarter. Millennium Management LLC raised its position in TCF Financial by 72.2% during the fourth quarter. Millennium Management LLC now owns 2,560,646 shares of the bank’s stock valued at $49,907,000 after acquiring an additional 1,073,458 shares in the last quarter. Water Island Capital LLC purchased a new position in TCF Financial during the first quarter valued at approximately $21,376,000. Finally, Brown Advisory Inc. raised its position in TCF Financial by 7,053.0% during the fourth quarter. Brown Advisory Inc. now owns 821,596 shares of the bank’s stock valued at $16,014,000 after acquiring an additional 810,110 shares in the last quarter. 80.38% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on TCF shares. Piper Jaffray Companies set a $27.00 price target on TCF Financial and gave the company a “buy” rating in a research report on Wednesday, May 8th. ValuEngine cut TCF Financial from a “hold” rating to a “sell” rating in a research report on Monday, April 1st. Finally, Zacks Investment Research upgraded TCF Financial from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Tuesday, March 12th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $26.82.
TCF Financial stock opened at $19.70 on Friday. The company has a market capitalization of $3.20 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. TCF Financial Co. has a 12 month low of $18.17 and a 12 month high of $26.79. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.97 and a quick ratio of 0.97.
TCF Financial (NYSE:TCF) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.01. TCF Financial had a return on equity of 14.03% and a net margin of 18.41%. The firm had revenue of $357.90 million during the quarter, compared to analysts’ expectations of $365.57 million. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities analysts predict that TCF Financial Co. will post 1.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Tuesday, May 14th. TCF Financial’s payout ratio is 31.58%.
In related news, EVP Michael Scott Jones sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $19.58, for a total transaction of $783,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Susan D. Bode sold 10,975 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $21.58, for a total value of $236,840.50. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.
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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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