Tristate Capital (TSC) Cut to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Tristate Capital (NASDAQ:TSC) from a hold rating to a sell rating in a research note published on Thursday morning.

According to Zacks, “Tristate Capital Holdings, Inc. is a bank holding company for TriState Capital Bank. The company provides commercial and private banking services to middle market businesses, professionals and high net worth individuals. It offers deposit products, commercial and industrial loans as well as cash management services which consist of online balance reporting, online bill payment, remote deposit, liquidity services, wire and ACH services, foreign exchange, controlled disbursement services and capital market services. Tristate Capital Holdings, Inc. is headquartered in Pittsburgh, Pennsylvania. “

TSC has been the subject of a number of other research reports. BidaskClub upgraded Tristate Capital from a sell rating to a hold rating in a research report on Friday, April 13th. Keefe, Bruyette & Woods reiterated a buy rating and set a $32.00 price target on shares of Tristate Capital in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Tristate Capital presently has an average rating of Hold and a consensus target price of $29.25.

Tristate Capital opened at $26.25 on Thursday, MarketBeat.com reports. Tristate Capital has a 12-month low of $20.30 and a 12-month high of $27.25. The company has a market cap of $762.53 million, a P/E ratio of 21.17, a P/E/G ratio of 1.42 and a beta of 0.38. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.76.

Tristate Capital (NASDAQ:TSC) last released its quarterly earnings data on Wednesday, April 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. Tristate Capital had a return on equity of 10.05% and a net margin of 21.12%. The business had revenue of $37.35 million during the quarter, compared to analyst estimates of $37.99 million. equities analysts expect that Tristate Capital will post 1.54 EPS for the current fiscal year.

In other Tristate Capital news, major shareholder Lovell Minnick Partners Llc sold 2,200,000 shares of the business’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $25.71, for a total transaction of $56,562,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Yasinsky sold 6,000 shares of the business’s stock in a transaction on Friday, May 18th. The stock was sold at an average price of $26.50, for a total value of $159,000.00. Following the transaction, the director now owns 12,000 shares of the company’s stock, valued at approximately $318,000. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 2,108 shares of company stock valued at $53,907 and have sold 4,406,000 shares valued at $113,283,000. Insiders own 23.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in TSC. BW Gestao de Investimentos Ltda. acquired a new position in Tristate Capital during the 1st quarter worth $223,000. MetLife Investment Advisors LLC acquired a new position in Tristate Capital during the 4th quarter worth $263,000. IFP Advisors Inc boosted its position in Tristate Capital by 20.0% during the 1st quarter. IFP Advisors Inc now owns 12,000 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 2,000 shares during the period. A.R.T. Advisors LLC acquired a new position in Tristate Capital during the 1st quarter worth $310,000. Finally, Cornerstone Capital Management Holdings LLC. acquired a new position in Tristate Capital during the 4th quarter worth $319,000. Institutional investors own 58.96% of the company’s stock.

About Tristate Capital

TriState Capital Holdings, Inc operates as the bank holding company for TriState Capital Bank that provides various commercial and private banking services to middle-market businesses and high-net-worth individuals in the United States. The company operates in two segments, Bank and Investment Management.

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