This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

10 Bank Stocks Turning the Credit Corner

10. TCF Financial Corp.

Shares of TCF Financial (TCB - Get Report) of Wayzata, Minn., closed at $9.43 Wednesday, down 36% year-to-date. Based on a quarterly payout of five cents, the shares have a dividend yield of 2.12%.

The company had $18.8 billion in total assets as of June 30, with a nonperforming assets ratio of 4.35%, which was the same as the NPA ratio at the end of the first quarter, but up from 4.09% in June 2010, according to SNL Financial.

Second-quarter net income was $29.8 million, or 19 cents a share, compared to $29.7 million, or 20 cents a share, the previous quarter, and $45 million, or 32 cents a share, in the second quarter of 2010. CEO William Cooper said that the company had "continued to evaluate potential strategies to mitigate the lost debit card interchange revenue," and that "TCF expects to be implementing its new product and fee structures in the fourth quarter."

TCF's second-quarter operating return on average assets (ROA) was 0.67% according to SNL Financial.

The second-quarter provision for loan losses was $44 million, declining from $45.3 million in the first quarter and $49 million in the second quarter of 2010.

Following the second-quarter earnings announcement, Credit Suisse analyst Craig Siegenthaler reiterated his neutral rating for TCF, while reducing his target price for the shares to $16 from $17, saying that with clarity from the Federal Reserve's final ruling on the Durbin Amendment, the effect on TCF's earnings would be "$50-60M annually, slightly below our prior estimate of $64M."

The shares trade for nine times the consensus 2012 EPS estimate of $1.01, among analysts polled by FactSet, and 0.9 times their June 30 tangible book value of $10.04, according to SNL.

Out of 16 analysts covering TCF Financial, six rate the shares a buy, eight have neutral ratings and two recommend selling the shares.
2 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BPOP $29.85 0.44%
BAC $14.77 1.44%
CSE $15.50 -0.51%
FBC $24.07 1.69%
PNC $87.91 0.15%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs