CNH Partners LLC Takes $40.71 Million Position in TCF Financial Co. (NYSE:TCF)

CNH Partners LLC purchased a new position in TCF Financial Co. (NYSE:TCF) in the first quarter, HoldingsChannel reports. The firm purchased 1,967,767 shares of the bank’s stock, valued at approximately $40,713,000.

A number of other institutional investors and hedge funds also recently modified their holdings of TCF. Stone Ridge Asset Management LLC boosted its stake in shares of TCF Financial by 336.5% in the fourth quarter. Stone Ridge Asset Management LLC now owns 109,974 shares of the bank’s stock worth $2,143,000 after acquiring an additional 84,780 shares during the period. Citigroup Inc. boosted its stake in TCF Financial by 52.4% during the fourth quarter. Citigroup Inc. now owns 230,370 shares of the bank’s stock valued at $4,489,000 after buying an additional 79,207 shares during the last quarter. Principal Financial Group Inc. boosted its stake in TCF Financial by 5.1% during the fourth quarter. Principal Financial Group Inc. now owns 1,785,832 shares of the bank’s stock valued at $34,806,000 after buying an additional 86,565 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in TCF Financial by 21.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 916,178 shares of the bank’s stock valued at $17,856,000 after buying an additional 162,511 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new position in TCF Financial during the fourth quarter valued at approximately $425,000. Institutional investors and hedge funds own 80.38% of the company’s stock.

TCF has been the subject of a number of research reports. Piper Jaffray Companies set a $27.00 price target on TCF Financial and gave the company a “buy” rating in a research note on Wednesday, May 8th. ValuEngine lowered TCF Financial from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. Finally, Zacks Investment Research raised TCF Financial from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Tuesday, March 12th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. TCF Financial currently has an average rating of “Buy” and a consensus target price of $26.82.

In other news, EVP Michael Scott Jones sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $19.58, for a total value of $783,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Susan D. Bode sold 10,975 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $21.58, for a total value of $236,840.50. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

TCF Financial stock traded up $0.15 during midday trading on Friday, reaching $19.85. 1,212,585 shares of the stock traded hands, compared to its average volume of 1,071,646. TCF Financial Co. has a 12 month low of $18.17 and a 12 month high of $26.70. The firm has a market cap of $3.26 billion, a PE ratio of 10.45, a PEG ratio of 1.22 and a beta of 1.30. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57.

TCF Financial (NYSE:TCF) last posted its quarterly earnings data on Monday, April 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $357.90 million during the quarter, compared to analyst estimates of $365.57 million. TCF Financial had a return on equity of 14.03% and a net margin of 18.41%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company earned $0.39 EPS. As a group, equities research analysts forecast that TCF Financial Co. will post 1.96 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Tuesday, May 14th. TCF Financial’s payout ratio is 31.58%.

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About TCF Financial

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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Want to see what other hedge funds are holding TCF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TCF Financial Co. (NYSE:TCF).

Institutional Ownership by Quarter for TCF Financial (NYSE:TCF)

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