Tristate Capital Holdings Inc (NASDAQ:TSC) – Analysts at DA Davidson dropped their Q3 2018 earnings estimates for Tristate Capital in a report released on Friday. DA Davidson analyst R. Gunther now anticipates that the financial services provider will earn $0.40 per share for the quarter, down from their prior forecast of $0.43. DA Davidson also issued estimates for Tristate Capital’s Q4 2018 earnings at $0.38 EPS, FY2018 earnings at $1.47 EPS and Q4 2019 earnings at $0.45 EPS.
Tristate Capital (NASDAQ:TSC) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The business had revenue of $36.94 million during the quarter, compared to the consensus estimate of $37.32 million. Tristate Capital had a return on equity of 9.56% and a net margin of 20.96%.
A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $32.00 price objective on shares of Tristate Capital in a report on Tuesday, February 27th. Zacks Investment Research downgraded Tristate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. BidaskClub downgraded Tristate Capital from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Boenning Scattergood reiterated a “hold” rating on shares of Tristate Capital in a report on Friday, January 26th. Finally, Raymond James Financial assumed coverage on Tristate Capital in a report on Monday, December 11th. They set an “outperform” rating and a $28.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.00.
Tristate Capital stock opened at $24.15 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $714.11, a PE ratio of 18.30, a P/E/G ratio of 1.59 and a beta of 0.42. Tristate Capital has a fifty-two week low of $20.30 and a fifty-two week high of $26.30.
Tristate Capital announced that its board has authorized a stock buyback program on Wednesday, January 24th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, Chairman James F. Getz sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $22.96, for a total transaction of $114,800.00. Following the completion of the transaction, the chairman now directly owns 760,289 shares of the company’s stock, valued at $17,456,235.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James J. Dolan sold 65,000 shares of the 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 transaction, the director now directly owns 13,625 shares of the company’s stock, valued at $339,671.25. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 12,250 shares of company stock valued at $296,710 and have sold 75,000 shares valued at $1,851,050. Corporate insiders own 23.40% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC acquired a new stake in shares of Tristate Capital in the fourth quarter valued at approximately $263,000. 1492 Capital Management LLC lifted its holdings in Tristate Capital by 137.4% during the 4th quarter. 1492 Capital Management LLC now owns 94,104 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 54,462 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new stake in Tristate Capital during the 4th quarter worth approximately $319,000. Deutsche Bank AG lifted its holdings in Tristate Capital by 0.6% during the 4th quarter. Deutsche Bank AG now owns 393,679 shares of the financial services provider’s stock worth $9,051,000 after purchasing an additional 2,470 shares during the last quarter. Finally, Clearbridge LLC lifted its holdings in Tristate Capital by 10.5% during the 4th quarter. Clearbridge LLC now owns 528,880 shares of the financial services provider’s stock worth $12,164,000 after purchasing an additional 50,370 shares during the last quarter. 58.71% of the stock is owned by institutional investors.
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About Tristate Capital
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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