TCF Financial Corp. (TCB) Rating Increased to Buy at Zacks Investment Research
TCF Financial Corp. (NYSE:TCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $16.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 9.29% from the stock’s previous close.
According to Zacks, “TCF Financial's estimates have been rising lately ahead of the company’s third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. We remain encouraged by TCF Financial's increasing loans and strong deposit mix, depicting its organic growth. Also, steady improvement in the economy will support its future performance. Further, the company’s focus on expansion highlights its future growth prospects. Additionally, the company benefits from an improving credit quality and is witnessing enhanced profitability ratios as well. However, bottom-line growth remains challenged by the company’s expanding cost base. Further, margin pressure and a stringent regulatory landscape remain other near-term headwinds.”
TCB has been the topic of a number of other research reports. JPMorgan Chase & Co. reissued a “hold” rating on shares of TCF Financial Corp. in a research report on Saturday, July 9th. Barclays PLC increased their price target on TCF Financial Corp. from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday. Piper Jaffray Cos. reissued a “neutral” rating and set a $15.00 price target on shares of TCF Financial Corp. in a research report on Saturday, October 8th. Jefferies Group reissued a “hold” rating and set a $13.50 price target on shares of TCF Financial Corp. in a research report on Thursday, July 7th. Finally, Keefe, Bruyette & Woods increased their price target on TCF Financial Corp. from $15.00 to $15.50 and gave the stock a “market perform” rating in a research report on Monday, July 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $14.79.
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Shares of TCF Financial Corp. (NYSE:TCB) traded down 3.89% during midday trading on Thursday, hitting $14.07. The company had a trading volume of 511,939 shares. TCF Financial Corp. has a one year low of $10.37 and a one year high of $15.94. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.34 and a beta of 1.12. The stock’s 50-day moving average price is $14.49 and its 200-day moving average price is $13.56.
TCF Financial Corp. (NYSE:TCB) last issued its quarterly earnings results on Friday, July 22nd. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.02. The business had revenue of $330.90 million for the quarter, compared to the consensus estimate of $214.32 million. TCF Financial Corp. had a return on equity of 10.14% and a net margin of 15.34%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. Analysts predict that TCF Financial Corp. will post $1.18 EPS for the current year.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of TCF Financial Corp. by 5.0% in the second quarter. Vanguard Group Inc. now owns 11,996,276 shares of the company’s stock valued at $151,752,000 after buying an additional 576,602 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of TCF Financial Corp. by 15.3% in the second quarter. Dimensional Fund Advisors LP now owns 7,923,481 shares of the company’s stock valued at $100,230,000 after buying an additional 1,050,082 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of TCF Financial Corp. by 2.6% in the second quarter. BlackRock Fund Advisors now owns 6,040,443 shares of the company’s stock valued at $76,412,000 after buying an additional 152,655 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of TCF Financial Corp. by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,786,292 shares of the company’s stock valued at $73,197,000 after buying an additional 180,124 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of TCF Financial Corp. by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 2,633,515 shares of the company’s stock valued at $33,313,000 after buying an additional 105,425 shares in the last quarter. 78.20% of the stock is currently owned by institutional investors.
About TCF Financial Corp.
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: Lending, Funding and Support Services. Its Lending segment includes consumer real estate, commercial real estate and business lending, leasing and equipment finance, inventory finance and auto finance.
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