Citadel Advisors LLC grew its stake in Tristate Capital Holdings Inc (NASDAQ:TSC) by 38.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,422 shares of the financial services provider’s stock after buying an additional 4,265 shares during the period. Citadel Advisors LLC owned approximately 0.05% of Tristate Capital worth $355,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in TSC. IFP Advisors Inc bought a new stake in shares of Tristate Capital in the 4th quarter worth approximately $230,000. Vident Investment Advisory LLC bought a new stake in shares of Tristate Capital in the 3rd quarter worth approximately $267,000. Voya Investment Management LLC bought a new stake in shares of Tristate Capital in the 2nd quarter worth approximately $271,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Tristate Capital in the 3rd quarter worth approximately $282,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Tristate Capital by 51.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 13,495 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 4,601 shares during the last quarter. 58.80% of the stock is owned by institutional investors and hedge funds.
In related news, Director James J. Dolan sold 65,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $24.93, for a total transaction of $1,620,450.00. Following the completion of the sale, the director now directly owns 13,625 shares in the company, valued at approximately $339,671.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David J. Demas purchased 1,100 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were purchased at an average price of $23.60 per share, with a total value of $25,960.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 5,250 shares of company stock valued at $121,710 and have sold 75,000 shares valued at $1,851,050. Corporate insiders own 23.40% of the company’s stock.
Shares of Tristate Capital Holdings Inc (NASDAQ:TSC) opened at $24.05 on Tuesday. Tristate Capital Holdings Inc has a 1-year low of $20.30 and a 1-year high of $26.30. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.86. The company has a market cap of $696.77, a price-to-earnings ratio of 18.22, a P/E/G ratio of 1.51 and a beta of 0.42.
Tristate Capital (NASDAQ:TSC) last posted its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. Tristate Capital had a net margin of 20.96% and a return on equity of 9.56%. The company had revenue of $36.94 million during the quarter, compared to analyst estimates of $37.32 million. equities analysts anticipate that Tristate Capital Holdings Inc will post 1.59 earnings per share for the current fiscal year.
Tristate Capital announced that its board has approved a share buyback plan on Wednesday, January 24th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have recently weighed in on TSC shares. Raymond James Financial started coverage on shares of Tristate Capital in a report on Monday, December 11th. They issued an “outperform” rating and a $28.00 price objective for the company. Zacks Investment Research lowered shares of Tristate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. BidaskClub upgraded shares of Tristate Capital from a “sell” rating to a “hold” rating in a report on Saturday, January 13th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $32.00 price objective on shares of Tristate Capital in a report on Tuesday, February 27th. Finally, Boenning Scattergood restated a “hold” rating on shares of Tristate Capital in a report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $29.00.
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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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