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TriState Capital Holdings, Inc. (NASDAQ: TSC) saw strong growth in short-term interest in December. As of December 15, there was short interest totaling 753,700 shares, an increase of 19.5% from the total of 630,900 shares as of November 30. Currently 2.7% of the company’s shares are sold short. Based on an average daily volume of 466,300 shares, the short-term interest rate is currently 1.6 days.
Shares of TriState Capital opened at $ 32.35 on Friday. The company has a market cap of $ 1.07 billion, a PE ratio of 20.61 and a beta of 2.16. TriState Capital has a twelve month low of $ 17.16 and a twelve month high of $ 32.44. The company’s 50-day mobile average price is $ 30.15, and its 200-day mobile average price is $ 24.04. The company has a current ratio of 0.94, a quick ratio of 0.94, and a debt to equity ratio of 0.56.
TriState Capital (NASDAQ: TSC) last released its results on Tuesday, October 19. The financial services provider reported earnings per share of $ 0.44 for the quarter, beating the Zacks’ consensus estimate of $ 0.42 by $ 0.02. TriState Capital had a net margin of 24.58% and a return on equity of 11.15%. The company posted revenue of $ 60.90 million for the quarter, compared to analysts’ estimates of $ 61.52 million. During the same period last year, the company posted $ 0.26 in EPS. On average, sell-side analysts predict TriState Capital will post 1.61 EPS for the current fiscal year.
The TSC has been the subject of several recent analyst reports. Zacks investment research downgraded TriState Capital shares from a “buy†rating to a “custody†rating in a research note on Wednesday, October 27. B. Riley downgraded TriState Capital shares from a “buy†rating to a “neutral†rating and increased the target share price from $ 28.00 to $ 31.00 in a research note Friday October 22. Finally, TheStreet downgraded TriState Capital shares from a “c +†rating to a “b-†rating in a Tuesday October 19th research note. Four investment analysts rated the stock with a conservation rating and one issued a strong buy rating for the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $ 31.67.
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In other news from TriState Capital, CEO James F. Getz sold 3,586 shares in a transaction dated Monday, November 1. The stock was sold for an average price of $ 30.05, for a total trade of $ 107,759.30. The sale was disclosed in a document filed with the SEC, which is available through this link. 7.90% of the shares are currently held by insiders of the company.
A number of institutional investors and hedge funds have recently increased or reduced their stakes in the company. Comerica Bank increased its stake in TriState Capital by 2.1% in the 3rd quarter. Comerica Bank now owns 124,772 shares of the financial services provider valued at $ 3,858,000 after purchasing an additional 2,565 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in TriState Capital by 101.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,275 shares of the financial services provider valued at $ 175,000 after purchasing an additional 4,160 shares during the last quarter. TownSquare Capital LLC purchased a new position in TriState Capital in the third quarter valued at approximately $ 356,000. LPL Financial LLC raised its stake in TriState Capital by 12.2% in the 3rd quarter. LPL Financial LLC now owns 23,197 shares of the financial services provider valued at $ 491,000 after purchasing an additional 2,530 shares in the last quarter. Finally, Citadel Advisors LLC increased its stake in TriState Capital by 56.2% in the 3rd quarter. Citadel Advisors LLC now owns 117,111 shares of the financial services provider valued at $ 2,477,000 after purchasing an additional 42,132 shares in the last quarter. 84.64% of the shares are currently held by institutional investors and hedge funds.
About TriState Capital
TriState Capital Holdings, Inc is a banking holding company providing commercial banking, private banking and investment management services. It operates through the following segment: Banking and Investment Management, and Parent Company and Others. The Banking segment focuses on commercial banking products and services for mid-market companies and private banking products and services for high net worth individuals.
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