TCF Financial Corp. (TCB) Upgraded to Buy by Zacks Investment Research
TCF Financial Corp. (NYSE:TCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $16.00 target price on the stock. Zacks Investment Research’s price target suggests 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.”
Several other research analysts have also commented on TCB. JPMorgan Chase & Co. reiterated a “hold” rating on shares of TCF Financial Corp. in a research note on Saturday, July 9th. FBR & Co lowered shares of TCF Financial Corp. from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $16.00 to $14.00 in a research note on Monday, July 25th. Deutsche Bank AG boosted their price objective on shares of TCF Financial Corp. from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays PLC upped their price target on shares of TCF Financial Corp. from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Jefferies Group restated a “hold” rating and set a $13.50 price target on shares of TCF Financial Corp. in a research note on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $14.79.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/tcf-financial-corp-tcb-upgraded-to-buy-by-zacks-investment-research.html
Shares of TCF Financial Corp. (NYSE:TCB) traded down 3.62% on Thursday, hitting $14.11. 536,814 shares of the stock traded hands. The stock has a 50 day moving average of $14.49 and a 200 day moving average of $13.56. The company has a market cap of $2.36 billion, a PE ratio of 12.38 and a beta of 1.12. TCF Financial Corp. has a one year low of $10.37 and a one year high of $15.94.
TCF Financial Corp. (NYSE:TCB) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm earned $330.90 million during the quarter, compared to analyst estimates of $214.32 million. TCF Financial Corp. had a net margin of 15.34% and a return on equity of 10.14%. TCF Financial Corp.’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 EPS. Equities analysts anticipate that TCF Financial Corp. will post $1.18 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the company. Aperio Group LLC increased its stake in shares of TCF Financial Corp. by 2.3% in the first quarter. Aperio Group LLC now owns 28,436 shares of the company’s stock worth $349,000 after buying an additional 636 shares during the period. Ngam Advisors L.P. increased its stake in shares of TCF Financial Corp. by 12.5% in the first quarter. Ngam Advisors L.P. now owns 17,566 shares of the company’s stock worth $215,000 after buying an additional 1,953 shares during the period. Prudential Financial Inc. increased its stake in shares of TCF Financial Corp. by 9.3% in the first quarter. Prudential Financial Inc. now owns 1,816,665 shares of the company’s stock worth $22,272,000 after buying an additional 154,700 shares during the period. BlackRock Inc. increased its stake in shares of TCF Financial Corp. by 56.4% in the first quarter. BlackRock Inc. now owns 112,481 shares of the company’s stock worth $1,379,000 after buying an additional 40,579 shares during the period. Finally, BlackRock Group LTD increased its stake in shares of TCF Financial Corp. by 194.4% in the first quarter. BlackRock Group LTD now owns 274,033 shares of the company’s stock worth $3,359,000 after buying an additional 180,965 shares during the period. 78.20% of the stock is currently owned by hedge funds and other 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for TCF Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TCF Financial Corp. and related companies with MarketBeat.com's FREE daily email newsletter.