State Board of Administration of Florida Retirement System boosted its holdings in TCF Financial Co. (NYSE:TCF) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 302,748 shares of the bank’s stock after buying an additional 16,827 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.18% of TCF Financial worth $6,906,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of TCF. Louisiana State Employees Retirement System acquired a new stake in TCF Financial during the 4th quarter valued at approximately $892,000. Bank of Montreal Can acquired a new stake in TCF Financial during the 4th quarter valued at approximately $6,355,000. Schwab Charles Investment Management Inc. increased its position in TCF Financial by 3.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,130,356 shares of the bank’s stock valued at $23,173,000 after purchasing an additional 34,043 shares during the period. Acadian Asset Management LLC acquired a new stake in TCF Financial during the 4th quarter valued at approximately $737,000. Finally, Oakbrook Investments LLC acquired a new stake in TCF Financial during the 4th quarter valued at approximately $296,000. Institutional investors and hedge funds own 85.39% of the company’s stock.
Shares of TCF stock traded down $0.35 during trading hours on Thursday, hitting $26.36. 1,889,900 shares of the company were exchanged, compared to its average volume of 1,654,214. The company has a market cap of $4.51 billion, a price-to-earnings ratio of 21.89, a price-to-earnings-growth ratio of 1.81 and a beta of 1.06. TCF Financial Co. has a fifty-two week low of $14.58 and a fifty-two week high of $27.34. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Tuesday, May 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Monday, May 14th. TCF Financial’s payout ratio is currently 50.00%.
In related news, Director Peter Bell sold 9,716 shares of TCF Financial stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $25.39, for a total value of $246,689.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barry N. Winslow sold 12,000 shares of TCF Financial stock in a transaction on Friday, May 11th. The shares were sold at an average price of $25.99, for a total transaction of $311,880.00. The disclosure for this sale can be found here. Company insiders own 2.34% of the company’s stock.
TCF has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of TCF Financial from a “buy” rating to a “hold” rating in a research report on Friday, April 6th. Raymond James raised shares of TCF Financial from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 29th. ValuEngine downgraded shares of TCF Financial from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. UBS Group initiated coverage on shares of TCF Financial in a research report on Thursday, March 22nd. They set a “neutral” rating and a $24.00 target price for the company. Finally, Royal Bank of Canada reissued a “buy” rating and set a $27.00 target price on shares of TCF Financial in a research report on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $24.75.
TCF Financial Profile
TCF Financial Corporation operates as the 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 deposits; and individual retirement accounts.
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