NasdaqGS:TCF

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

TCF Financial Corporation operates as the financial holding company for TCF National Bank that provides various financial products and services in the United States and Canada. More Details


Snowflake Analysis

Flawless balance sheet established dividend payer.


Similar Companies

Share Price & News

How has TCF Financial's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TCF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.4%

TCF

-3.3%

US Banks

-2.4%

US Market


1 Year Return

-29.5%

TCF

-29.0%

US Banks

18.2%

US Market

Return vs Industry: TCF underperformed the US Banks industry which returned -28% over the past year.

Return vs Market: TCF underperformed the US Market which returned 19.5% over the past year.


Shareholder returns

TCFIndustryMarket
7 Day0.4%-3.3%-2.4%
30 Day6.6%-0.2%4.2%
90 Day-5.4%-1.1%6.3%
1 Year-26.3%-29.5%-26.4%-29.0%20.9%18.2%
3 Year-13.0%-21.0%-19.4%-26.1%41.2%31.8%
5 Year2.9%-10.4%16.5%2.0%84.8%63.9%

Price Volatility Vs. Market

How volatile is TCF Financial's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is TCF Financial undervalued compared to its fair value and its price relative to the market?

19.6x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: TCF ($26.82) is trading above our estimate of fair value ($26.39)

Significantly Below Fair Value: TCF is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: TCF is poor value based on its PE Ratio (19.6x) compared to the US Banks industry average (9.9x).

PE vs Market: TCF is poor value based on its PE Ratio (19.6x) compared to the US market (19x).


Price to Earnings Growth Ratio

PEG Ratio: TCF is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: TCF's PB Ratio (0.7x) is in line with the US Banks industry average.


Next Steps

Future Growth

How is TCF Financial forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

36.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TCF's forecast earnings growth (36.3% per year) is above the savings rate (2.2%).

Earnings vs Market: TCF's earnings (36.3% per year) are forecast to grow faster than the US market (22.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TCF's revenue (2.1% per year) is forecast to grow slower than the US market (10% per year).

High Growth Revenue: TCF's revenue (2.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TCF's Return on Equity is forecast to be low in 3 years time (8.1%).


Next Steps

Past Performance

How has TCF Financial performed over the past 5 years?

11.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TCF has a large one-off loss of $307.6M impacting its June 30 2020 financial results.

Growing Profit Margin: TCF's current net profit margins (10.6%) are lower than last year (22.7%).


Past Earnings Growth Analysis

Earnings Trend: TCF's earnings have grown by 11.7% per year over the past 5 years.

Accelerating Growth: TCF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TCF had negative earnings growth (-37.8%) over the past year, making it difficult to compare to the Banks industry average (-3%).


Return on Equity

High ROE: TCF's Return on Equity (3.9%) is considered low.


Next Steps

Financial Health

How is TCF Financial's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: TCF's Assets to Equity ratio (8.8x) is low.

Allowance for Bad Loans: TCF has a sufficient allowance for bad loans (158%).

Low Risk Liabilities: 88% of TCF's liabilities are made up of primarily low risk sources of funding.

Loan Level: TCF has an appropriate level of Loans to Assets ratio (70%).

Low Risk Deposits: TCF's Loans to Deposits ratio (89%) is appropriate.

Level of Bad Loans: TCF has an appropriate level of bad loans (0.8%).


Next Steps

Dividend

What is TCF Financial current dividend yield, its reliability and sustainability?

5.22%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TCF's dividend (5.22%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: TCF's dividend (5.22%) is in the top 25% of dividend payers in the US market (4.66%)


Stability and Growth of Payments

Stable Dividend: TCF's dividends per share have been stable in the past 10 years.

Growing Dividend: TCF's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (103%), TCF's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TCF's dividends in 3 years are forecast to be well covered by earnings (46.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure


CEO

Craig Dahl (65 yo)

1.17yrs

Tenure

US$3,094,020

Compensation

Mr. Craig R. Dahl has been Chief Executive Officer, President and Director of TCF Financial Corporation since August 01, 2019. Mr. Dahl served the Chief Executive Officer at TCF Financial Corporation since ...


CEO Compensation Analysis

Compensation vs Market: Craig's total compensation ($USD3.09M) is below average for companies of similar size in the US market ($USD5.61M).

Compensation vs Earnings: Craig's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Gary Torgow
Executive Chairman of the Board4.08yrsUS$5.25m0.074%
$ 3.0m
Craig Dahl
CEO, President & Director1.17yrsUS$3.09m0.25%
$ 10.2m
David Provost
Executive Vice Chair1.17yrsUS$5.25m0.12%
$ 4.8m
Brian Maass
CFO & Treasurerno dataUS$3.75m0.089%
$ 3.6m
Thomas Shafer
Chief Operating Officer1.17yrsUS$7.56m0.11%
$ 4.4m
Kathleen Wendt
Executive VP & Chief Accounting Officer3yrsno data0.019%
$ 790.0k
Thomas Butterfield
Executive VP1.17yrsUS$1.05m0.063%
$ 2.6m
Timothy Sedabres
Head of Investor Relations & Director of Corporate Strategy2.33yrsno datano data
Joseph Green
Executive VP1.17yrsno data0.051%
$ 2.1m
Sandra Kuohn
Executive VP & Chief Human Capital Officer1.17yrsno data0.028%
$ 1.2m
William Henak
Executive Vice President of National Banking1.17yrsUS$2.78m0.13%
$ 5.1m
Michael Jones
Executive Vice President of Regional Banking1.17yrsUS$3.00m0.089%
$ 3.6m

1.2yrs

Average Tenure

61yo

Average Age

Experienced Management: TCF's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Gary Torgow
Executive Chairman of the Board4.08yrsUS$5.25m0.074%
$ 3.0m
Craig Dahl
CEO, President & Director1.17yrsUS$3.09m0.25%
$ 10.2m
David Provost
Executive Vice Chair1.17yrsUS$5.25m0.12%
$ 4.8m
Ronald Klein
Independent Director4.17yrsUS$211.46k0.017%
$ 697.8k
Arthur Weiss
Independent Director4.17yrsUS$206.74k0.022%
$ 881.1k
Vance Opperman
Lead Independent Director1.17yrsUS$70.00k0.017%
$ 678.2k
Julie Sullivan
Independent Director1.17yrsUS$67.92kno data
Richard King
Independent Director1.17yrsUS$68.92k0.00014%
$ 5.7k
Peter Bell
Independent Director1.17yrsUS$66.25k0.018%
$ 750.4k
Barbara McQuade
Independent Director2.5yrsUS$186.43k0.0050%
$ 202.5k
Karen Grandstrand
Independent Director1.17yrsUS$82.58kno data
Jeffrey Tate
Independent Director3.58yrsUS$193.74k0.0066%
$ 269.9k

1.2yrs

Average Tenure

64.5yo

Average Age

Experienced Board: TCF's board of directors are not considered experienced ( 1.2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: TCF insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

TCF Financial Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TCF Financial Corporation
  • Ticker: TCF
  • Exchange: NasdaqGS
  • Founded: 1923
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$4.083b
  • Shares outstanding: 152.23m
  • Website: https://ir.tcfbank.com

Number of Employees


Location

  • TCF Financial Corporation
  • 333 West Fort Street
  • Suite 1800
  • Detroit
  • Michigan
  • 48226
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TCFNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJun 1986
1BADB (Deutsche Boerse AG)YesCommon StockDEEURJun 1986
TCFC.PNasdaqGS (Nasdaq Global Select)5.7% DP SH PFD CUSUSDAug 2019

Biography

TCF Financial Corporation operates as the financial holding company for TCF National Bank that provides various financial products and services in the United States and Canada. It operates through Consumer ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/20 00:23
End of Day Share Price2020/10/19 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.