Tristate Capital (NASDAQ:TSC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday, January 12th. The firm currently has a $27.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 16.88% from the company’s previous close.
According to Zacks, “Tristate Capital Holdings, Inc. is a bank holding company for TriState Capital Bank. The company provides commercial and private banking services to middle market businesses, professionals and high net worth individuals. It offers deposit products, commercial and industrial loans as well as cash management services which consist of online balance reporting, online bill payment, remote deposit, liquidity services, wire and ACH services, foreign exchange, controlled disbursement services and capital market services. Tristate Capital Holdings, Inc. is headquartered in Pittsburgh, Pennsylvania. “
Other equities analysts also recently issued research reports about the company. BidaskClub downgraded Tristate Capital from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Raymond James Financial began coverage on Tristate Capital in a research report on Monday, December 11th. They set an “outperform” rating and a $28.00 price target on the stock. Finally, ValuEngine downgraded Tristate Capital from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $28.33.
Tristate Capital (TSC) traded down $1.35 during trading hours on Friday, reaching $23.10. The company had a trading volume of 110,319 shares, compared to its average volume of 105,530. Tristate Capital has a one year low of $20.30 and a one year high of $26.30. The stock has a market cap of $698.98, a price-to-earnings ratio of 17.50, a PEG ratio of 1.53 and a beta of 0.35. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.74.
Tristate Capital (NASDAQ:TSC) last released its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $36.94 million for the quarter, compared to analyst estimates of $37.32 million. Tristate Capital had a return on equity of 9.69% and a net margin of 20.96%. analysts anticipate that Tristate Capital will post 1.59 earnings per share for the current fiscal year.
Tristate Capital announced that its board has approved a share repurchase plan on Wednesday, January 24th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
In other news, Director James J. Dolan sold 65,000 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $24.93, for a total value of $1,620,450.00. Following the completion of the transaction, the director now directly owns 13,625 shares in the company, valued at $339,671.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James J. Dolan sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $24.32, for a total value of $291,840.00. The disclosure for this sale can be found here. Company insiders own 23.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in TSC. IFP Advisors Inc purchased a new position in Tristate Capital during the fourth quarter valued at approximately $230,000. 1st Global Advisors Inc. purchased a new position in Tristate Capital during the second quarter valued at approximately $235,000. Citadel Advisors LLC purchased a new position in Tristate Capital during the third quarter valued at approximately $255,000. Vident Investment Advisory LLC purchased a new position in Tristate Capital during the third quarter valued at approximately $267,000. Finally, Voya Investment Management LLC purchased a new position in Tristate Capital during the second quarter valued at approximately $271,000. Institutional investors own 59.77% of the company’s stock.
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Tristate Capital Company Profile
TriState Capital Holdings, Inc is a bank holding company. The Company’s subsidiaries include TriState Capital Bank (the Bank), a Pennsylvania chartered bank; Chartwell Investment Partners, LLC (Chartwell), an investment advisor, and Chartwell TSC Securities Corp. (CTSC Securities). The Company operates through two segments: Bank and Investment Management.
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