First Trust Advisors LP cut its holdings in shares of Tristate Capital Holdings Inc (NASDAQ:TSC) by 38.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,879 shares of the financial services provider’s stock after selling 26,376 shares during the quarter. First Trust Advisors LP owned approximately 0.14% of Tristate Capital worth $1,156,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Cornerstone Wealth Management LLC purchased a new stake in Tristate Capital in the 2nd quarter worth about $229,000. California Public Employees Retirement System purchased a new stake in Tristate Capital in the 2nd quarter worth about $202,000. OMERS ADMINISTRATION Corp purchased a new stake in Tristate Capital in the 2nd quarter worth about $222,000. Cubist Systematic Strategies LLC purchased a new stake in Tristate Capital in the 2nd quarter worth about $230,000. Finally, Van Hulzen Asset Management LLC purchased a new stake in Tristate Capital in the 2nd quarter worth about $239,000. 72.50% of the stock is owned by hedge funds and other institutional investors.
TSC has been the subject of several recent research reports. BidaskClub raised Tristate Capital from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Stephens reissued a “buy” rating and issued a $32.00 price objective on shares of Tristate Capital in a report on Thursday, October 18th. Maxim Group reissued a “buy” rating and issued a $31.00 price objective on shares of Tristate Capital in a report on Thursday, October 18th. Finally, Boenning Scattergood restated a “hold” rating on shares of Tristate Capital in a research note on Monday, October 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Tristate Capital currently has a consensus rating of “Hold” and a consensus target price of $31.60.
Shares of NASDAQ TSC opened at $22.81 on Friday. Tristate Capital Holdings Inc has a 52 week low of $22.05 and a 52 week high of $30.10. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $672.20 million, a price-to-earnings ratio of 18.40, a P/E/G ratio of 1.13 and a beta of 0.65.
Tristate Capital (NASDAQ:TSC) last issued its earnings results on Wednesday, October 17th. The financial services provider reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Tristate Capital had a return on equity of 11.43% and a net margin of 22.52%. The business had revenue of $41.57 million during the quarter, compared to the consensus estimate of $43.64 million. On average, equities analysts forecast that Tristate Capital Holdings Inc will post 1.71 earnings per share for the current fiscal year.
In related news, CEO Brian S. Fetterolf bought 2,500 shares of the business’s stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average price of $23.62 per share, for a total transaction of $59,050.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James J. Dolan purchased 8,000 shares of the company’s stock in a transaction dated Monday, October 29th. The shares were acquired at an average price of $24.48 per share, with a total value of $195,840.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 15,800 shares of company stock valued at $383,831. 23.40% of the stock is owned by corporate insiders.
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.
Further Reading: What are no-load funds?
Want to see what other hedge funds are holding TSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tristate Capital Holdings Inc (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.