Tristate Capital (NASDAQ:TSC) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday, BidAskClub reports.
Several other equities analysts have also weighed in on the stock. Wedbush assumed coverage on shares of Tristate Capital in a research report on Thursday, June 18th. They issued an “outperform” rating and a $20.00 price objective on the stock. Zacks Investment Research upgraded shares of Tristate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Raymond James upgraded shares of Tristate Capital from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $15.00 to $20.00 in a research note on Wednesday, June 17th. B. Riley decreased their price target on shares of Tristate Capital from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, April 13th. Finally, ValuEngine upgraded shares of Tristate Capital from a “sell” rating to a “hold” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $21.25.
Shares of TSC opened at $13.25 on Thursday. The firm has a market capitalization of $390.03 million, a PE ratio of 7.92 and a beta of 2.04. The company’s 50-day moving average is $14.44 and its 200-day moving average is $16.07. Tristate Capital has a fifty-two week low of $7.59 and a fifty-two week high of $26.43. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.99 and a quick ratio of 0.99.
Tristate Capital (NASDAQ:TSC) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.10. The company had revenue of $46.48 million for the quarter, compared to analyst estimates of $48.93 million. Tristate Capital had a net margin of 17.89% and a return on equity of 11.08%. Analysts predict that Tristate Capital will post 1.06 earnings per share for the current fiscal year.
In related news, CEO Brian S. Fetterolf purchased 2,000 shares of Tristate Capital stock in a transaction dated Wednesday, May 20th. The shares were bought at an average cost of $13.78 per share, for a total transaction of $27,560.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian S. Fetterolf purchased 3,000 shares of Tristate Capital stock in a transaction dated Friday, July 24th. The stock was bought at an average price of $13.75 per share, for a total transaction of $41,250.00. Following the completion of the purchase, the chief executive officer now owns 211,325 shares in the company, valued at approximately $2,905,718.75. The disclosure for this purchase can be found here. Insiders have acquired 21,423 shares of company stock worth $382,603 over the last quarter. Corporate insiders own 17.50% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its holdings in Tristate Capital by 56.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,737 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 987 shares during the last quarter. Sowell Financial Services LLC acquired a new stake in shares of Tristate Capital during the 1st quarter worth approximately $35,000. Great West Life Assurance Co. Can acquired a new stake in shares of Tristate Capital during the 4th quarter worth approximately $41,000. Denali Advisors LLC acquired a new stake in shares of Tristate Capital during the 2nd quarter worth approximately $58,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of Tristate Capital by 190.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,318 shares of the financial services provider’s stock worth $80,000 after buying an additional 5,451 shares during the period. Institutional investors own 74.39% of the company’s stock.
About Tristate Capital
TriState Capital Holdings, Inc operates as the bank holding company for TriState Capital Bank that provides various commercial and private banking services to middle-market businesses and high-net-worth individuals in the United States. It operates in two segments, Bank and Investment Management. The company's deposit products include checking accounts, money market deposit accounts, and certificates of deposit, as well as promontory's certificate of deposit account registry services and insured cash sweep services.
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