TriState Capital Holdings, Inc. (TSC) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of TriState Capital Holdings, Inc. (NASDAQ:TSC) from a hold rating to a sell rating in a research report released on Wednesday.
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 a number of other reports. Stephens restated a buy rating and set a $30.00 price objective on shares of TriState Capital Holdings in a research report on Thursday, July 20th. BidaskClub cut TriState Capital Holdings from a sell rating to a strong sell rating in a research report on Saturday, August 12th. ValuEngine upgraded TriState Capital Holdings from a hold rating to a buy rating in a research report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $28.00 price objective on shares of TriState Capital Holdings in a research report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $28.40.
TriState Capital Holdings (NASDAQ TSC) opened at 22.80 on Wednesday. TriState Capital Holdings has a 12-month low of $15.32 and a 12-month high of $26.30. The firm has a market cap of $653.56 million, a P/E ratio of 20.56 and a beta of 0.30. The firm has a 50-day moving average of $21.47 and a 200-day moving average of $23.40.
TriState Capital Holdings (NASDAQ:TSC) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $33.75 million for the quarter, compared to analysts’ expectations of $35.27 million. TriState Capital Holdings had a return on equity of 8.98% and a net margin of 19.80%. On average, analysts expect that TriState Capital Holdings will post $1.19 EPS for the current year.
In related news, insider Brian S. Fetterolf purchased 1,560 shares of the stock in a transaction on Thursday, August 17th. The shares were purchased at an average cost of $21.54 per share, for a total transaction of $33,602.40. Following the completion of the transaction, the insider now directly owns 85,090 shares of the company’s stock, valued at approximately $1,832,838.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian S. Fetterolf purchased 3,250 shares of the stock in a transaction on Friday, August 11th. The stock was bought at an average price of $21.83 per share, for a total transaction of $70,947.50. Following the completion of the transaction, the insider now directly owns 85,090 shares of the company’s stock, valued at $1,857,514.70. The disclosure for this purchase can be found here. Corporate insiders own 23.40% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Mesirow Financial Investment Management Inc. bought a new stake in TriState Capital Holdings in the second quarter valued at $568,000. 1st Global Advisors Inc. bought a new stake in TriState Capital Holdings in the second quarter valued at $235,000. Susquehanna International Group LLP bought a new stake in TriState Capital Holdings in the second quarter valued at $2,140,000. The Manufacturers Life Insurance Company grew its position in TriState Capital Holdings by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 18,057 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 596 shares during the period. Finally, NBW Capital LLC grew its position in TriState Capital Holdings by 5.2% in the second quarter. NBW Capital LLC now owns 76,175 shares of the financial services provider’s stock valued at $1,920,000 after acquiring an additional 3,787 shares during the period. Hedge funds and other institutional investors own 59.83% 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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