Zacks Investment Research downgraded shares of Tristate Capital Holdings Inc (NASDAQ:TSC) from a buy rating to a hold rating in a research note issued to investors on Thursday.

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. “

TSC has been the topic of several other research reports. Maxim Group increased their price target on shares of Tristate Capital Holdings from $25.00 to $28.00 and gave the stock a buy rating in a research report on Friday, April 21st. Stephens reiterated a buy rating and set a $30.00 price target on shares of Tristate Capital Holdings in a research report on Thursday, July 20th. BidaskClub lowered shares of Tristate Capital Holdings from a buy rating to a hold rating in a research report on Thursday, July 13th. Finally, ValuEngine upgraded shares of Tristate Capital Holdings from a hold rating to a buy rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $28.50.

Tristate Capital Holdings (NASDAQ:TSC) opened at 22.80 on Thursday. Tristate Capital Holdings has a one year low of $13.91 and a one year high of $26.30. The stock has a 50 day moving average price of $24.45 and a 200 day moving average price of $23.71. The firm has a market capitalization of $653.56 million, a P/E ratio of 20.56 and a beta of 0.31.

Tristate Capital Holdings (NASDAQ:TSC) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $33.75 million for the quarter, compared to analyst estimates of $35.27 million. Tristate Capital Holdings had a net margin of 24.95% and a return on equity of 9.29%. On average, equities analysts predict that Tristate Capital Holdings will post $1.19 EPS for the current fiscal year.

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In related news, Director Kim Ruth bought 5,000 shares of the business’s stock in a transaction on Monday, May 8th. The shares were purchased at an average price of $24.73 per share, for a total transaction of $123,650.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $74,190. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Helen Hanna Casey bought 10,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was bought at an average price of $23.66 per share, for a total transaction of $236,600.00. Following the transaction, the director now directly owns 39,055 shares of the company’s stock, valued at $924,041.30. The disclosure for this purchase can be found here. Company insiders own 23.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in shares of Tristate Capital Holdings by 1.3% in the first quarter. Bank of America Corp DE now owns 5,140 shares of the financial services provider’s stock worth $120,000 after buying an additional 67 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Tristate Capital Holdings during the first quarter worth $207,000. Alliancebernstein L.P. bought a new stake in shares of Tristate Capital Holdings during the first quarter worth $219,000. Janney Montgomery Scott LLC bought a new stake in shares of Tristate Capital Holdings during the first quarter worth $234,000. Finally, Berkshire Asset Management LLC PA bought a new stake in shares of Tristate Capital Holdings during the first quarter worth $254,000. Hedge funds and other institutional investors own 56.96% of the company’s stock.

About Tristate Capital Holdings

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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