TFS Financial Corporation $TFSL Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 881,292 shares of TFS Financial in the second quarter, valued at approximately $15.6 million and representing about 0.31% of the company. Several other institutional investors also initiated or increased positions.
• Analysts maintain a largely neutral view, with one Buy and three Hold ratings. The consensus price target is $19, while TFS Financial recently exceeded quarterly earnings and revenue estimates.
• TFS Financial raised its quarterly dividend to $0.3175 per share, implying a 7.6% annualized yield, though its payout ratio is high at 352.78%. Company insiders sold a combined 17,100 shares during the last quarter.

Bank of America Corp DE purchased a new position in shares of TFS Financial Corporation (NASDAQ:TFSL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 881,292 shares of the bank's stock, valued at approximately $15,616,000. Bank of America Corp DE owned approximately 0.31% of TFS Financial as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Gator Capital Management LLC acquired a new position in shares of TFS Financial during the 4th quarter worth about $6,290,000. Lakewood Capital Management LP acquired a new stake in TFS Financial in the 2nd quarter valued at approximately $36,687,000. Beverly Hills Private Wealth LLC acquired a new stake in TFS Financial in the 2nd quarter valued at approximately $6,631,000. Legal & General Group Plc bought a new position in TFS Financial in the 2nd quarter worth approximately $981,000. Finally, Dimensional Fund Advisors LP increased its position in TFS Financial by 5.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,083,792 shares of the bank's stock worth $43,324,000 after buying an additional 152,041 shares during the period. Institutional investors and hedge funds own 9.81% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on TFSL. Wall Street Zen upgraded shares of TFS Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $18.00 target price (up from $16.00) on shares of TFS Financial in a research note on Monday, August 3rd. Piper Sandler upped their target price on shares of TFS Financial from $16.00 to $20.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings raised shares of TFS Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $19.00.

TFS Financial Stock Up 1.3%

Shares of TFSL stock opened at $16.72 on Friday. TFS Financial Corporation has a one year low of $12.53 and a one year high of $19.49. The company has a debt-to-equity ratio of 2.97, a current ratio of 1.67 and a quick ratio of 1.66. The stock has a fifty day moving average price of $17.60 and a 200 day moving average price of $16.26. The stock has a market cap of $4.69 billion, a P/E ratio of 46.45 and a beta of 0.69.

TFS Financial (NASDAQ:TFSL - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The bank reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.03. The firm had revenue of $89.27 million for the quarter, compared to analyst estimates of $87.05 million. TFS Financial had a net margin of 12.36% and a return on equity of 5.32%. Analysts predict that TFS Financial Corporation will post 0.36 earnings per share for the current year.

TFS Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th were paid a dividend of $0.3175 per share. This is an increase from TFS Financial's previous quarterly dividend of $0.2825. This represents a $1.27 annualized dividend and a yield of 7.6%. The ex-dividend date was Wednesday, September 9th. TFS Financial's dividend payout ratio is currently 352.78%.

Insider Transactions at TFS Financial

In other news, insider Bradley T. Stefanski sold 10,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $16.94, for a total transaction of $169,400.00. Following the sale, the insider owned 38,720 shares in the company, valued at approximately $655,916.80. This represents a 20.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gavin B. Stefanski sold 6,500 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $18.35, for a total transaction of $119,275.00. Following the transaction, the insider owned 19,266 shares in the company, valued at approximately $353,531.10. This trade represents a 25.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,100 shares of company stock valued at $299,475 in the last quarter. 0.72% of the stock is currently owned by corporate insiders.

TFS Financial Company Profile

TFS Financial Corporation is the holding company for Third Federal Savings and Loan Association of Cleveland, a federally chartered savings institution headquartered in Cleveland, Ohio. Third Federal serves consumers primarily through retail banking and residential lending activities.

The company offers deposit products such as savings accounts, checking accounts, certificates of deposit and money market accounts. Its lending portfolio is focused mainly on residential real estate, including home purchase and refinance mortgages, home equity loans and lines of credit, and other loans secured by residential property.

Third Federal operates branches in Ohio and Florida and also provides mortgage lending services through additional channels.

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