TCF Financial Corporation (NYSE:TCF) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of TCF Financial Corporation (NYSE:TCF) from a buy rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “TCF Financial's shares underperformed the industry over the past one year. The company’s second-quarter 2017 earnings outpaced the Zacks Consensus Estimate. The quarter witnessed improvement in net interest income and loans. Elevated expenses and provisions were on the downside. The company has been benefiting from improving credit quality in consumer real estate portfolio and witnessed enhanced profitability ratios as well. Increasing loans and strong deposit mix keep us encouraged. Further, the approval of Financial Choice Act is likely to support TCF Financial's profitability. However, the banking fees have been declining consistently for the last few years. Additionally, mounting expenses remains a near-term headwind. Nevertheless, Fed interest rate hikes are expected to ease pressure on the margins further.”

Several other equities research analysts have also issued reports on TCF. Deutsche Bank AG restated a hold rating and issued a $17.00 target price (down previously from $18.00) on shares of TCF Financial Corporation in a report on Tuesday. Morgan Stanley restated an equal weight rating and issued a $17.00 target price (up previously from $16.50) on shares of TCF Financial Corporation in a report on Friday, July 7th. Finally, Wedbush began coverage on shares of TCF Financial Corporation in a report on Wednesday, June 28th. They issued an underperform rating and a $14.00 target price for the company.

TCF Financial Corporation (NYSE:TCF) traded down 2.12% during trading on Thursday, hitting $15.68. 982,522 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $15.81 and a 200 day moving average price of $16.69. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 13.75 and a beta of 1.26. TCF Financial Corporation has a 52-week low of $13.23 and a 52-week high of $20.03.

TCF Financial Corporation (NYSE:TCF) last released its earnings results on Monday, July 24th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.03. The firm had revenue of $341.80 million during the quarter, compared to analyst estimates of $336.12 million. TCF Financial Corporation had a net margin of 15.13% and a return on equity of 9.59%. The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business earned $0.31 EPS. On average, equities research analysts predict that TCF Financial Corporation will post $1.20 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Friday, August 11th. TCF Financial Corporation’s dividend payout ratio is presently 25.86%.

In related news, Director Barry N. Winslow sold 10,274 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $25.19, for a total value of $258,802.06. Following the transaction, the director now owns 2,365 shares of the company’s stock, valued at approximately $59,574.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian W. Maass purchased 3,225 shares of TCF Financial Corporation stock in a transaction that occurred on Thursday, June 8th. The stock was bought at an average cost of $15.50 per share, for a total transaction of $49,987.50. Following the purchase, the chief financial officer now directly owns 60,027 shares in the company, valued at $930,418.50. The disclosure for this purchase can be found here. Insiders purchased a total of 4,201 shares of company stock worth $75,015 in the last ninety days. 2.50% of the stock is currently owned by insiders.

TCF Financial Corporation 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: Consumer Banking, Wholesale Banking and Enterprise Services. Consumer Banking comprises all of the Company’s consumer-facing businesses.