Systematic Financial Management LP bought a new position in shares of TCF Financial Co. (NYSE:TCF) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 74,005 shares of the bank’s stock, valued at approximately $1,517,000.
Other hedge funds have also bought and sold shares of the company. Schwab Charles Investment Management Inc. acquired a new position in shares of TCF Financial during the 3rd quarter worth approximately $18,682,000. JPMorgan Chase & Co. increased its holdings in shares of TCF Financial by 12.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,274,734 shares of the bank’s stock worth $106,545,000 after acquiring an additional 676,834 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of TCF Financial by 110.0% during the 3rd quarter. Prudential Financial Inc. now owns 1,287,685 shares of the bank’s stock worth $21,942,000 after acquiring an additional 674,360 shares during the last quarter. Carlson Capital Management acquired a new position in shares of TCF Financial during the 4th quarter worth approximately $2,385,000. Finally, Disciplined Growth Investors Inc. MN acquired a new position in shares of TCF Financial during the 3rd quarter worth approximately $30,950,000. 79.11% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently weighed in on TCF. Jefferies Group reissued a “hold” rating on shares of TCF Financial in a report on Thursday, February 1st. Zacks Investment Research raised TCF Financial from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Tuesday, January 2nd. Wells Fargo & Co lowered TCF Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 31st. Barclays lowered TCF Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $23.00 to $22.00 in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lowered TCF Financial from a “neutral” rating to an “underweight” rating and set a $22.00 price objective on the stock. in a report on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. TCF Financial has an average rating of “Hold” and an average price target of $21.58.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.64%. This is an increase from TCF Financial’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, February 14th. TCF Financial’s dividend payout ratio is presently 41.67%.
In other news, Director Peter Bell sold 15,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $20.53, for a total transaction of $307,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.50% of the company’s stock.
About TCF Financial
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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