BMO Capital Markets Begins Coverage on TCF Financial (NYSE:TCF)

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BMO Capital Markets started coverage on shares of TCF Financial (NYSE:TCF) in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. The firm issued an outperform rating and a $51.00 target price on the bank’s stock.

Other equities analysts have also recently issued research reports about the stock. Raymond James set a $28.00 price objective on shares of TCF Financial and gave the company a buy rating in a research note on Friday, July 26th. Piper Jaffray Companies set a $27.00 price objective on shares of TCF Financial and gave the company a buy rating in a research note on Wednesday, May 8th. Finally, ValuEngine upgraded shares of TCF Financial from a sell rating to a hold rating in a research note on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $30.90.

NYSE:TCF opened at $38.75 on Friday. The firm has a market cap of $2.87 billion, a PE ratio of 20.39, a P/E/G ratio of 1.36 and a beta of 1.30. TCF Financial has a one year low of $34.62 and a one year high of $59.10. The firm’s fifty day moving average is $22.80. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.64.

TCF Financial (NYSE:TCF) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.07. TCF Financial had a net margin of 20.10% and a return on equity of 14.01%. The company had revenue of $363.80 million during the quarter, compared to analysts’ expectations of $365.47 million. During the same quarter in the prior year, the company posted $0.49 EPS. The business’s revenue was down .3% on a year-over-year basis. On average, research analysts forecast that TCF Financial will post 1.95 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.61%. This is a boost from TCF Financial’s previous quarterly dividend of $0.15. TCF Financial’s dividend payout ratio (DPR) is 71.58%.

In related news, SVP Susan D. Bode sold 10,975 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $21.58, for a total transaction of $236,840.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Scott Jones sold 40,000 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $19.58, for a total transaction of $783,200.00. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Kellner Capital LLC raised its holdings in TCF Financial by 64.7% during the 2nd quarter. Kellner Capital LLC now owns 377,400 shares of the bank’s stock worth $7,846,000 after buying an additional 148,300 shares during the period. Swiss National Bank raised its holdings in TCF Financial by 0.4% during the 2nd quarter. Swiss National Bank now owns 289,900 shares of the bank’s stock worth $6,027,000 after buying an additional 1,100 shares during the period. Comerica Bank raised its holdings in TCF Financial by 35.5% during the 2nd quarter. Comerica Bank now owns 446,217 shares of the bank’s stock worth $9,089,000 after buying an additional 116,950 shares during the period. Candriam Luxembourg S.C.A. raised its holdings in TCF Financial by 68.7% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 771,203 shares of the bank’s stock worth $15,963,000 after buying an additional 314,039 shares during the period. Finally, Wedge Capital Management L L P NC raised its holdings in TCF Financial by 59.6% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,031,406 shares of the bank’s stock worth $21,443,000 after buying an additional 385,220 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

TCF Financial Company Profile

TCF Financial Corporation operates as the bank holding company for TCF National Bank that provides various financial products and services in the United States and Canada. It operates through Consumer Banking, Wholesale Banking, and Enterprise Services segments. The company offers checking, savings, and money market accounts; certificates of deposit; and individual retirement accounts.

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Analyst Recommendations for TCF Financial (NYSE:TCF)

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