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

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

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. “

Other equities analysts also recently issued research reports about the company. ValuEngine downgraded Tristate Capital from a buy rating to a hold rating in a research report on Friday, September 27th. BidaskClub raised Tristate Capital from a sell rating to a hold rating in a research report on Thursday, September 12th. Raymond James cut their target price on Tristate Capital from $28.00 to $24.00 and set an outperform rating on the stock in a research report on Thursday, August 29th. Stephens reissued a buy rating and set a $25.00 target price on shares of Tristate Capital in a research report on Friday, June 14th. Finally, Boenning Scattergood reissued a hold rating on shares of Tristate Capital in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $25.80.

NASDAQ:TSC traded up $0.10 during trading hours on Thursday, reaching $21.58. The stock had a trading volume of 69,794 shares, compared to its average volume of 136,672. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04. Tristate Capital has a 52 week low of $18.20 and a 52 week high of $27.27. The company has a 50 day moving average price of $20.75 and a two-hundred day moving average price of $21.16. The stock has a market capitalization of $620.83 million, a PE ratio of 12.47 and a beta of 1.07.

Tristate Capital (NASDAQ:TSC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.01. Tristate Capital had a return on equity of 13.03% and a net margin of 20.29%. The business had revenue of $43.28 million for the quarter, compared to the consensus estimate of $45.35 million. Equities research analysts predict that Tristate Capital will post 1.84 EPS for the current year.

In other Tristate Capital news, Chairman James F. Getz acquired 25,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $19.41 per share, with a total value of $485,250.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Fetterolf sold 2,224 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $20.84, for a total value of $46,348.16. Following the completion of the transaction, the chief executive officer now directly owns 158,695 shares in the company, valued at approximately $3,307,203.80. The disclosure for this sale can be found here. Insiders acquired a total of 61,662 shares of company stock worth $1,216,163 in the last ninety days. 17.50% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of TSC. Marshall Wace LLP lifted its holdings in shares of Tristate Capital by 6.6% in the 1st quarter. Marshall Wace LLP now owns 190,846 shares of the financial services provider’s stock worth $3,900,000 after buying an additional 11,883 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Tristate Capital by 10.8% in the 1st quarter. Clearbridge Investments LLC now owns 739,933 shares of the financial services provider’s stock worth $15,117,000 after buying an additional 72,067 shares during the period. Mesirow Financial Investment Management Inc. lifted its holdings in shares of Tristate Capital by 12.1% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 36,689 shares of the financial services provider’s stock worth $780,000 after buying an additional 3,958 shares during the period. Sippican Capital Advisors lifted its holdings in shares of Tristate Capital by 11.1% in the 2nd quarter. Sippican Capital Advisors now owns 54,635 shares of the financial services provider’s stock worth $1,166,000 after buying an additional 5,450 shares during the period. Finally, Bessemer Group Inc. purchased a new stake in shares of Tristate Capital in the 2nd quarter worth $97,000. Institutional investors and hedge funds own 71.06% 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. It operates in two segments, Bank and Investment Management. The company's deposit products include checking accounts, money market deposit accounts, and certificates of deposit, as well as promontory's certificate of deposit account registry services and insured cash sweep services.

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