Tristate Capital Holdings Inc (TSC) Stake Decreased by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its stake in shares of Tristate Capital Holdings Inc (NASDAQ:TSC) by 14.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 451,402 shares of the financial services provider’s stock after selling 73,998 shares during the quarter. Renaissance Technologies LLC owned about 1.58% of Tristate Capital worth $10,382,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TSC. Bank of New York Mellon Corp lifted its position in shares of Tristate Capital by 19.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 293,078 shares of the financial services provider’s stock worth $6,711,000 after buying an additional 48,406 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Tristate Capital by 12.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 38,284 shares of the financial services provider’s stock worth $877,000 after buying an additional 4,383 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Tristate Capital during the 3rd quarter worth $255,000. Wells Fargo & Company MN lifted its position in shares of Tristate Capital by 44.3% during the 3rd quarter. Wells Fargo & Company MN now owns 24,432 shares of the financial services provider’s stock worth $560,000 after buying an additional 7,506 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of Tristate Capital by 90.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 99,194 shares of the financial services provider’s stock worth $2,272,000 after buying an additional 46,994 shares during the last quarter. Hedge funds and other institutional investors own 58.71% of the company’s stock.

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TSC has been the subject of several recent analyst reports. Raymond James Financial initiated coverage on Tristate Capital in a research report on Monday, December 11th. They set an “outperform” rating and a $28.00 price objective for the company. BidaskClub downgraded Tristate Capital from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Zacks Investment Research upgraded Tristate Capital from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective for the company in a research report on Friday, January 12th. Boenning Scattergood restated a “hold” rating on shares of Tristate Capital in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $32.00 price objective on shares of Tristate Capital in a research report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $29.00.

Tristate Capital stock opened at $23.65 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $669.30, a price-to-earnings ratio of 18.87, a PEG ratio of 1.50 and a beta of 0.39. Tristate Capital Holdings Inc has a 12 month low of $20.30 and a 12 month high of $26.30.

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%. research analysts anticipate that Tristate Capital Holdings Inc will post 1.55 EPS for the current year.

Tristate Capital announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 24th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

In other news, insider Brian S. Fetterolf bought 4,000 shares of the company’s stock in a transaction on Thursday, March 15th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the insider now owns 4,000 shares of the company’s stock, valued at $100,000. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman James F. Getz sold 5,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $22.96, for a total value of $114,800.00. Following the completion of the transaction, the chairman now owns 760,289 shares of the company’s stock, valued at $17,456,235.44. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 12,250 shares of company stock valued at $296,710 and sold 75,000 shares valued at $1,851,050. 23.40% of the stock is currently owned by company insiders.

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Tristate Capital 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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Institutional Ownership by Quarter for Tristate Capital (NASDAQ:TSC)

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