TCF Financial Co. (NYSE:TCF) Short Interest Down 15.6% in July

TCF Financial Co. (NYSE:TCF) saw a large decline in short interest in July. As of July 31st, there was short interest totalling 3,005,500 shares, a decline of 15.6% from the June 30th total of 3,562,000 shares. Based on an average daily volume of 911,300 shares, the days-to-cover ratio is presently 3.3 days. Currently, 4.3% of the shares of the company are short sold.

Shares of TCF Financial stock traded up $0.52 during trading on Tuesday, hitting $38.16. 20,553 shares of the company were exchanged, compared to its average volume of 771,996. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.97 and a quick ratio of 0.97. TCF Financial has a fifty-two week low of $34.62 and a fifty-two week high of $59.10. The stock has a market cap of $2.70 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 1.36 and a beta of 1.30. The stock has a 50 day moving average of $25.38.

TCF Financial (NYSE:TCF) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.07. TCF Financial had a return on equity of 14.01% and a net margin of 20.10%. The firm had revenue of $363.80 million during the quarter, compared to the consensus estimate of $365.47 million. During the same period in the previous year, the firm posted $0.49 EPS. The company’s quarterly revenue was down .3% compared to the same quarter last year. As a group, research analysts forecast that TCF Financial will post 1.95 EPS for the current year.

The business also recently disclosed 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. This is an increase from TCF Financial’s previous quarterly dividend of $0.15. This represents a $1.40 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Wednesday, August 14th. TCF Financial’s payout ratio is currently 71.58%.

In other TCF Financial news, EVP Michael Scott Jones sold 40,000 shares of TCF Financial 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.50% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of TCF. Investors Research Corp acquired a new position in TCF Financial in the 1st quarter valued at $25,000. Northern Oak Wealth Management Inc. acquired a new position in TCF Financial in the 1st quarter valued at $40,000. Cullen Frost Bankers Inc. acquired a new position in TCF Financial in the 1st quarter valued at $41,000. Toronto Dominion Bank raised its holdings in TCF Financial by 14.8% in the 1st quarter. Toronto Dominion Bank now owns 3,693 shares of the bank’s stock valued at $76,000 after acquiring an additional 476 shares during the last quarter. Finally, Palisade Asset Management LLC acquired a new position in TCF Financial in the 1st quarter valued at $203,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

TCF has been the subject of a number of research reports. Raymond James set a $28.00 price target on shares of TCF Financial and gave the company a “buy” rating in a research report on Friday, July 26th. BMO Capital Markets initiated coverage on shares of TCF Financial in a research report on Friday, August 2nd. They set an “outperform” rating and a $51.00 price target for the company. Morgan Stanley lifted their price target on shares of TCF Financial from $22.50 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Piper Jaffray Companies set a $27.00 price target on shares of TCF Financial and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, ValuEngine upgraded shares of TCF Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $30.90.

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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