Tristate Capital Holdings Inc (NASDAQ:TSC) – Stock analysts at DA Davidson dropped their Q3 2018 earnings per share estimates for Tristate Capital in a research report issued to clients and investors on Friday. DA Davidson analyst R. Gunther now expects that the financial services provider will post earnings per share of $0.40 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.
TSC has been the subject of several other research reports. BidaskClub raised Tristate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, January 13th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $32.00 price target on shares of Tristate Capital in a research note on Tuesday, February 27th. Zacks Investment Research cut Tristate Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, January 31st. Boenning Scattergood reissued a “hold” rating on shares of Tristate Capital in a research note on Friday, January 26th. Finally, Raymond James Financial initiated coverage on Tristate Capital in a research note on Monday, December 11th. They issued an “outperform” rating and a $28.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $29.00.
Tristate Capital (NASDAQ:TSC) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm 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%.
Tristate Capital announced that its Board of Directors has approved a share buyback plan on Wednesday, January 24th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, Chairman James F. Getz sold 5,000 shares of the firm’s 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 sale, the chairman now owns 760,289 shares of the company’s stock, valued at $17,456,235.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David J. Demas bought 1,100 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were acquired at an average cost of $23.60 per share, with a total value of $25,960.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 5,250 shares of company stock valued at $121,710 and have sold 75,000 shares valued at $1,851,050. Company insiders own 23.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brown Advisory Inc. grew its stake in Tristate Capital by 48.7% in the third quarter. Brown Advisory Inc. now owns 460,691 shares of the financial services provider’s stock valued at $10,550,000 after acquiring an additional 150,954 shares during the period. Cortina Asset Management LLC grew its stake in Tristate Capital by 76.3% in the third quarter. Cortina Asset Management LLC now owns 299,844 shares of the financial services provider’s stock valued at $6,866,000 after acquiring an additional 129,790 shares during the period. Dimensional Fund Advisors LP grew its stake in Tristate Capital by 13.6% in the third quarter. Dimensional Fund Advisors LP now owns 872,391 shares of the financial services provider’s stock valued at $19,978,000 after acquiring an additional 104,343 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in Tristate Capital by 92.6% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 191,800 shares of the financial services provider’s stock valued at $4,411,000 after acquiring an additional 92,200 shares during the period. Finally, Elk Creek Partners LLC grew its stake in Tristate Capital by 21.6% in the third quarter. Elk Creek Partners LLC now owns 328,026 shares of the financial services provider’s stock valued at $7,512,000 after acquiring an additional 58,320 shares during the period. 58.80% of the stock is owned by institutional investors and hedge funds.
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Tristate Capital Company Profile
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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