Zacks Investment Research Downgrades TCF Financial Corporation (TCF) to Hold
TCF Financial Corporation (NYSE:TCF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Shares of TCF Financial have outperformed the industry over the past six months. Yet, the company’s earnings surprise history is not impressive. It missed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Third-quarter results were affected by higher expenses and provisions, partially offset by rise in loans and deposits. TCF Financial’s revenues continue to be hurt by the consistently declining banking fees over the last few years. Also, mounting costs due to increasing staff level is expected to impact bottom line. However, increasing loans, strong deposit mix and easing margin pressure will likely to aid profitability. The company has been also benefiting from improving credit quality in consumer real estate portfolio and has witnessed enhanced profitability ratios as well, which keeps us encouraged.”
A number of other research analysts also recently weighed in on the stock. JMP Securities started coverage on shares of TCF Financial Corporation in a report on Thursday, August 31st. They set a “market perform” rating on the stock. Royal Bank Of Canada restated a “buy” rating and set a $19.00 price target on shares of TCF Financial Corporation in a report on Friday, September 8th. Deutsche Bank AG restated a “hold” rating and set a $17.00 price target (down previously from $18.00) on shares of TCF Financial Corporation in a report on Tuesday, July 25th. Morgan Stanley restated an “equal weight” rating and set a $17.00 price target (up previously from $16.50) on shares of TCF Financial Corporation in a report on Friday, July 7th. Finally, BMO Capital Markets restated a “hold” rating and set a $18.00 price target on shares of TCF Financial Corporation in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $18.00.
TCF Financial Corporation (NYSE:TCF) last released its earnings results on Friday, October 27th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). The company had revenue of $343.30 million during the quarter, compared to analysts’ expectations of $340.45 million. TCF Financial Corporation had a return on equity of 9.63% and a net margin of 15.27%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS.
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In other news, Director Barry N. Winslow bought 12,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $300,000.00. Following the purchase, the director now owns 2,365 shares of the company’s stock, valued at approximately $59,125. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.50% of the company’s stock.
About TCF Financial Corporation
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: Consumer Banking, Wholesale Banking and Enterprise Services. Consumer Banking comprises all of the Company’s consumer-facing businesses.
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