Tristate Capital (TSC) Gets a Buy Rating from Maxim Group


Maxim Group analyst Michael Diana reiterated a Buy rating on Tristate Capital (TSC) today and set a price target of $28. The company’s shares opened today at $20.26.

Diana observed:

“4Q18 EPS of $0.50 (including material tax benefits), versus consensus of $0.46, driven by very strong growth in loans (up 7.9% linked-quarter) and deposits (up 6.2%), though with a narrower net interest margin (down 10bps). We are lowering our price target to $28, from $31, based on lower valuation of peers. This equates to 14.0x our 2019 EPS estimate, versus 15.5x in our previous price target. While we believe that TSC deserves a premium to peers due to its many above-peer attributes (see below), the P/E valuation of peers (based on 2019 estimates) has declined, on average by about 1.5x since our last update in mid-October. We regard TSC’s favorable capital position as a major differentiator that is undervalued by investors.”

According to TipRanks.com, Diana is a 5-star analyst with an average return of 5.3% and a 57.2% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Westamerica Bancorporation, and Pennantpark Floating Rate.

Currently, the analyst consensus on Tristate Capital is a Moderate Buy with an average price target of $25, which is a 23.4% upside from current levels. In a report issued on January 30, Stephens also maintained a Buy rating on the stock with a $25 price target.

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Based on Tristate Capital’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $15.12 million. In comparison, last year the company had a net profit of $12.04 million.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TSC in relation to earlier this year. Most recently, in December 2018, Dewhurst E.H., a Director at TSC bought 6,000 shares for a total of $72,000.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

TriState Capital Holdings, Inc. is a bank holding company, which engages in the provision of commercial banking, private banking, and investment management services to middle-market companies, institutional clients. and high-net-worth individuals. It operates through Bank; and Investment Mangement segments.

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