Tristate Capital Holdings Inc (NASDAQ:TSC) – DA Davidson decreased their Q3 2018 earnings per share estimates for Tristate Capital in a report released on Friday. DA Davidson analyst R. Gunther now forecasts that the financial services provider will post earnings of $0.40 per share 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.
Tristate Capital (NASDAQ:TSC) last announced its quarterly earnings data 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 return on equity of 9.56% and a net margin of 20.96%. The firm had revenue of $36.94 million during the quarter, compared to analysts’ expectations of $37.32 million.
A number of other brokerages have also recently commented on TSC. Raymond James Financial started coverage on Tristate Capital in a research note on Monday, December 11th. They issued an “outperform” rating and a $28.00 price objective for the company. Zacks Investment Research cut Tristate Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. BidaskClub raised Tristate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, January 13th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $32.00 target price on shares of Tristate Capital in a research report on Tuesday, February 27th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Tristate Capital in a research 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 assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $29.00.
Shares of Tristate Capital stock opened at $23.75 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.86. Tristate Capital has a one year low of $20.30 and a one year high of $26.30. The company has a market capitalization of $698.21, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 1.55 and a beta of 0.42.
Tristate Capital declared that its Board of Directors has authorized a stock buyback 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, CFO David J. Demas bought 2,000 shares of the stock in a transaction on Thursday, March 15th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $50,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian S. Fetterolf bought 4,000 shares of the stock in a transaction on Thursday, March 15th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the insider now owns 4,000 shares of the company’s stock, valued at $100,000. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 12,250 shares of company stock worth $296,710 and have sold 75,000 shares worth $1,851,050. Company insiders own 23.40% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of TSC. Brown Advisory Inc. raised its stake in shares of 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 buying an additional 150,954 shares during the period. Cortina Asset Management LLC grew its position in shares of 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 purchasing an additional 129,790 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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 purchasing an additional 104,343 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of 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 purchasing an additional 92,200 shares in the last quarter. Finally, Elk Creek Partners LLC grew its position in shares of 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 purchasing an additional 58,320 shares in the last quarter. Hedge funds and other institutional investors own 58.71% 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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