Hodges Capital Management Inc. cut its holdings in shares of Tristate Capital Holdings Inc (NASDAQ:TSC) by 37.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,920 shares of the financial services provider’s stock after selling 67,500 shares during the quarter. Hodges Capital Management Inc. owned about 0.39% of Tristate Capital worth $2,574,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. IFP Advisors Inc bought a new stake in Tristate Capital in the 4th quarter valued at $230,000. 1st Global Advisors Inc. acquired a new position in Tristate Capital in the 2nd quarter worth about $235,000. Citadel Advisors LLC acquired a new position in Tristate Capital in the 3rd quarter worth about $255,000. Vident Investment Advisory LLC acquired a new position in Tristate Capital in the 3rd quarter worth about $267,000. Finally, Voya Investment Management LLC acquired a new position in Tristate Capital in the 2nd quarter worth about $271,000. 59.56% of the stock is currently owned by institutional investors and hedge funds.
Tristate Capital Holdings Inc (NASDAQ TSC) remained flat at $$23.20 during midday trading on Friday. The company had a trading volume of 77,700 shares, compared to its average volume of 105,580. The firm has a market cap of $663.24, a price-to-earnings ratio of 17.58, a PEG ratio of 1.46 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 Holdings Inc has a twelve month low of $20.30 and a twelve month high of $26.30.
Tristate Capital (NASDAQ:TSC) last announced its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The business 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 12.61% and a net margin of 32.60%. equities analysts expect that Tristate Capital Holdings Inc will post 1.59 EPS for the current year.
Tristate Capital announced that its Board of Directors has approved a share buyback plan on Wednesday, January 24th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
TSC has been the subject of a number of recent research reports. Zacks Investment Research cut Tristate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. Boenning Scattergood reaffirmed a “hold” rating on shares of Tristate Capital in a report on Friday, January 26th. BidaskClub raised Tristate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, January 13th. Finally, Raymond James Financial began coverage on Tristate Capital in a research note on Monday, December 11th. They issued an “outperform” rating and a $28.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $28.33.
In other news, Director James J. Dolan sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $24.32, for a total value of $291,840.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James J. Dolan sold 65,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were 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 owns 13,625 shares in the company, valued at approximately $339,671.25. The disclosure for this sale can be found here. In the last quarter, insiders acquired 3,200 shares of company stock worth $74,865. Corporate insiders own 23.40% 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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