Keefe, Bruyette & Woods reiterated their buy rating on shares of Tristate Capital (NASDAQ:TSC) in a report issued on Tuesday morning. They currently have a $32.00 price target on the financial services provider’s stock.
Several other equities research analysts have also recently commented on TSC. Zacks Investment Research cut Tristate Capital from a buy rating to a hold rating in a report on Wednesday, January 31st. BidaskClub cut Tristate Capital from a hold rating to a sell rating in a report on Wednesday, January 31st. Boenning Scattergood reissued 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 target price on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $29.00.
Shares of Tristate Capital (NASDAQ:TSC) opened at $22.70 on Tuesday. The firm has a market capitalization of $648.95, a P/E ratio of 18.31, a PEG ratio of 1.44 and a beta of 0.35. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.74. Tristate Capital has a twelve month low of $20.30 and a twelve month high of $26.30.
Tristate Capital announced that its Board of Directors has approved a stock buyback program on Wednesday, January 24th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Tristate Capital news, Chairman James F. Getz sold 5,000 shares of Tristate Capital stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $22.96, for a total value of $114,800.00. Following the transaction, the chairman now owns 760,289 shares in the company, valued at $17,456,235.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James J. Dolan sold 65,000 shares of Tristate Capital stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $24.93, for a total transaction 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 90 days, insiders acquired 4,250 shares of company stock worth $98,910 and sold 75,000 shares worth $1,851,050. Insiders own 23.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. MetLife Investment Advisors LLC acquired a new position in Tristate Capital in the fourth quarter worth approximately $263,000. 1492 Capital Management LLC grew its position in Tristate Capital by 137.4% in the fourth quarter. 1492 Capital Management LLC now owns 94,104 shares of the financial services provider’s stock worth $2,164,000 after buying an additional 54,462 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in Tristate Capital in the fourth quarter worth approximately $319,000. Deutsche Bank AG grew its position in Tristate Capital by 0.6% in the fourth quarter. Deutsche Bank AG now owns 393,679 shares of the financial services provider’s stock worth $9,051,000 after buying an additional 2,470 shares during the last quarter. Finally, Clearbridge LLC grew its position in Tristate Capital by 10.5% in the fourth quarter. Clearbridge LLC now owns 528,880 shares of the financial services provider’s stock worth $12,164,000 after buying an additional 50,370 shares during the last quarter. Hedge funds and other institutional investors own 59.01% of the company’s stock.
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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