Water Island Capital LLC Buys New Holdings in TCF Financial Co. (TCF)

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Water Island Capital LLC bought a new stake in TCF Financial Co. (NYSE:TCF) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,033,149 shares of the bank’s stock, valued at approximately $21,376,000. TCF Financial comprises about 1.1% of Water Island Capital LLC’s portfolio, making the stock its 28th biggest holding.

A number of other institutional investors have also recently modified their holdings of TCF. Renaissance Technologies LLC bought a new stake in shares of TCF Financial during the third quarter worth $1,250,000. Legal & General Group Plc lifted its position in shares of TCF Financial by 1.9% during the third quarter. Legal & General Group Plc now owns 220,331 shares of the bank’s stock worth $5,246,000 after purchasing an additional 4,069 shares during the last quarter. Vanguard Group Inc lifted its position in shares of TCF Financial by 1.9% during the third quarter. Vanguard Group Inc now owns 15,712,787 shares of the bank’s stock worth $374,121,000 after purchasing an additional 298,763 shares during the last quarter. First Hawaiian Bank lifted its position in shares of TCF Financial by 3.7% during the fourth quarter. First Hawaiian Bank now owns 19,767 shares of the bank’s stock worth $385,000 after purchasing an additional 703 shares during the last quarter. Finally, Cardinal Capital Management lifted its position in shares of TCF Financial by 2.1% during the fourth quarter. Cardinal Capital Management now owns 72,858 shares of the bank’s stock worth $1,420,000 after purchasing an additional 1,492 shares during the last quarter. Hedge funds and other institutional investors own 79.83% of the company’s stock.

In other TCF Financial news, SVP Susan D. Bode sold 10,975 shares of TCF Financial stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $21.58, for a total value of $236,840.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.50% of the stock is owned by insiders.

Shares of TCF Financial stock traded down $0.69 during trading on Wednesday, hitting $20.15. 30,306 shares of the stock traded hands, compared to its average volume of 1,059,356. The firm has a market cap of $3.37 billion, a P/E ratio of 10.61, a P/E/G ratio of 0.98 and a beta of 1.24. 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 Co. has a 52-week low of $18.17 and a 52-week high of $27.34.

TCF Financial (NYSE:TCF) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.45 by $0.01. The firm had revenue of $357.90 million for 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 business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 earnings per share. Analysts forecast that TCF Financial Co. will post 2.03 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.60 annualized dividend and a yield of 2.98%. TCF Financial’s dividend payout ratio (DPR) is presently 31.58%.

Several analysts have recently weighed in on the company. ValuEngine downgraded TCF Financial from a “hold” rating to a “sell” rating in a research report on Monday, April 1st. Wells Fargo & Co set a $26.00 target price on TCF Financial and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Zacks Investment Research downgraded TCF Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. Piper Jaffray Companies set a $27.00 target price on TCF Financial and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Sandler O’Neill upgraded TCF Financial from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Friday, February 8th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $26.82.

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

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