Zacks Investment Research upgraded shares of TCF Financial Corp. (NYSE:TCB) from a hold rating to a buy rating in a research note issued to investors on Thursday. The brokerage currently has $16.00 price target on the stock.
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 firms also recently commented on TCB. Barclays PLC raised their price objective on TCF Financial Corp. from $14.00 to $15.00 and gave the stock an overweight rating in a report on Monday, July 25th. Credit Agricole SA raised their price objective on TCF Financial Corp. from $14.00 to $15.00 and gave the stock an underperform rating in a report on Friday, September 23rd. Deutsche Bank AG raised their price objective on TCF Financial Corp. from $15.00 to $17.00 and gave the stock a buy rating in a report on Tuesday, October 11th. FBR & Co downgraded TCF Financial Corp. from an outperform rating to a market perform rating and cut their price target for the company from $16.00 to $14.00 in a report on Monday, July 25th. Finally, JPMorgan Chase & Co. cut their price target on TCF Financial Corp. from $13.50 to $13.00 and set a neutral rating on the stock in a report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $14.79.
TCF Financial Corp. (NYSE:TCB) opened at 14.24 on Thursday. TCF Financial Corp. has a 12-month low of $10.37 and a 12-month high of $15.94. The firm has a 50-day moving average price of $14.49 and a 200-day moving average price of $13.61. The company has a market cap of $2.38 billion, a P/E ratio of 12.49 and a beta of 1.12.
TCF Financial Corp. (NYSE:TCB) last released 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 company 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%. TCF Financial Corp.’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. On average, analysts forecast that TCF Financial Corp. will post $1.18 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of TCB. Pacad Investment Ltd. purchased a new stake in shares of TCF Financial Corp. during the second quarter worth approximately $120,000. Hsbc Holdings PLC purchased a new stake in shares of TCF Financial Corp. during the second quarter worth approximately $129,000. Bank of Montreal Can purchased a new stake in shares of TCF Financial Corp. during the second quarter worth approximately $130,000. Fox Run Management L.L.C. purchased a new stake in shares of TCF Financial Corp. during the third quarter worth approximately $147,000. Finally, White Pine Capital LLC boosted its stake in shares of TCF Financial Corp. by 27.4% in the second quarter. White Pine Capital LLC now owns 13,932 shares of the company’s stock worth $176,000 after buying an additional 3,000 shares in the last quarter. 78.17% of the stock is owned by institutional investors.
TCF Financial Corp. Company Profile
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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