BidaskClub Lowers Tristate Capital (NASDAQ:TSC) to Strong Sell

BidaskClub cut shares of Tristate Capital (NASDAQ:TSC) from a sell rating to a strong sell rating in a research note published on Thursday morning, BidAskClub reports.

A number of other research firms have also recently commented on TSC. Wedbush began coverage on Tristate Capital in a report on Thursday, June 18th. They set an outperform rating and a $20.00 price target on the stock. B. Riley dropped their price objective on Tristate Capital from $26.00 to $20.00 and set a buy rating on the stock in a research note on Monday, April 13th. Raymond James raised Tristate Capital from an outperform rating to a strong-buy rating and lifted their target price for the company from $15.00 to $20.00 in a research report on Wednesday, June 17th. ValuEngine upgraded Tristate Capital from a sell rating to a hold rating in a report on Thursday, June 25th. Finally, Zacks Investment Research upgraded shares of Tristate Capital from a sell rating to a hold rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $21.25.

NASDAQ TSC opened at $13.25 on Thursday. Tristate Capital has a 12 month low of $7.59 and a 12 month high of $26.43. The stock has a market cap of $395.39 million, a price-to-earnings ratio of 8.03 and a beta of 2.04. The company’s 50 day moving average is $14.44 and its two-hundred day moving average is $16.07. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71.

Tristate Capital (NASDAQ:TSC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.10. The firm had revenue of $46.48 million during the quarter, compared to analysts’ expectations of $48.93 million. Tristate Capital had a net margin of 17.89% and a return on equity of 11.08%. Sell-side analysts forecast that Tristate Capital will post 1.06 EPS for the current year.

In other Tristate Capital news, Director James J. Dolan purchased 9,000 shares of the business’s stock in a transaction on Monday, June 1st. The stock was bought at an average cost of $22.95 per share, for a total transaction of $206,550.00. Following the acquisition, the director now owns 18,125 shares of the company’s stock, valued at approximately $415,968.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian S. Fetterolf purchased 2,000 shares of Tristate Capital stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $13.78 per share, for a total transaction of $27,560.00. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 21,423 shares of company stock valued at $382,603. 17.50% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. grew its position in shares of Tristate Capital by 26.1% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 740,628 shares of the financial services provider’s stock worth $7,162,000 after acquiring an additional 153,364 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Tristate Capital by 148.1% in the second quarter. Wedge Capital Management L L P NC now owns 645,365 shares of the financial services provider’s stock valued at $10,139,000 after buying an additional 385,221 shares during the period. State Street Corp grew its position in Tristate Capital by 4.2% during the first quarter. State Street Corp now owns 631,767 shares of the financial services provider’s stock worth $6,109,000 after buying an additional 25,613 shares in the last quarter. Silvercrest Asset Management Group LLC increased its stake in Tristate Capital by 3.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 578,378 shares of the financial services provider’s stock worth $5,593,000 after acquiring an additional 17,188 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Tristate Capital by 12.8% in the 1st quarter. Bank of New York Mellon Corp now owns 411,337 shares of the financial services provider’s stock valued at $3,978,000 after acquiring an additional 46,698 shares in the last quarter. 74.39% of the stock is currently owned by hedge funds and other institutional investors.

Tristate Capital Company Profile

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.

Further Reading: What is the Dividend Aristocrat Index?

Analyst Recommendations for Tristate Capital (NASDAQ:TSC)

Receive News & Ratings for Tristate Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tristate Capital and related companies with MarketBeat.com's FREE daily email newsletter.