NasdaqGS:TSC

Stock Analysis Report

TriState Capital Holdings

Executive Summary

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.

Rewards

Trading at 28.1% below its fair value

Earnings are forecast to grow 8.38% per year

Earnings have grown 26.4% per year over the past 5 years

Risk Analysis

No risks detected for TSC from our risk checks.


Snowflake Analysis

Flawless balance sheet and good value.


Similar Companies

Share Price & News

How has TriState Capital Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TSC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.6%

TSC

0.6%

US Banks

-0.3%

US Market


1 Year Return

9.0%

TSC

19.0%

US Banks

18.6%

US Market

Return vs Industry: TSC underperformed the US Banks industry which returned 19% over the past year.

Return vs Market: TSC underperformed the US Market which returned 18.6% over the past year.


Shareholder returns

TSCIndustryMarket
7 Day2.6%0.6%-0.3%
30 Day3.7%1.8%2.2%
90 Day25.8%15.8%5.6%
1 Year9.0%9.0%22.5%19.0%21.1%18.6%
3 Year20.1%20.1%30.1%21.0%45.6%36.2%
5 Year143.7%143.7%77.5%57.8%71.1%52.2%

Price Volatility Vs. Market

How volatile is TriState Capital Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is TriState Capital Holdings undervalued compared to its fair value and its price relative to the market?

28.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TSC ($24.86) is trading below our estimate of fair value ($34.6)

Significantly Below Fair Value: TSC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TSC is good value based on its PE Ratio (12.3x) compared to the Banks industry average (12.7x).

PE vs Market: TSC is good value based on its PE Ratio (12.3x) compared to the US market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: TSC is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: TSC is overvalued based on its PB Ratio (1.5x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is TriState Capital Holdings forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

8.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TSC's forecast earnings growth (8.4% per year) is above the savings rate (1.7%).

Earnings vs Market: TSC's earnings (8.4% per year) are forecast to grow slower than the US market (14.2% per year).

High Growth Earnings: TSC's earnings are forecast to grow, but not significantly.

Revenue vs Market: TSC's revenue (10.2% per year) is forecast to grow faster than the US market (7.4% per year).

High Growth Revenue: TSC's revenue (10.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TSC's Return on Equity is forecast to be low in 3 years time (11%).


Next Steps

Past Performance

How has TriState Capital Holdings performed over the past 5 years?

26.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TSC has high quality earnings.

Growing Profit Margin: TSC's current net profit margins (31.8%) are higher than last year (31.5%).


Past Earnings Growth Analysis

Earnings Trend: TSC's earnings have grown significantly by 26.4% per year over the past 5 years.

Accelerating Growth: TSC's earnings growth over the past year (12.7%) is below its 5-year average (26.4% per year).

Earnings vs Industry: TSC earnings growth over the past year (12.7%) underperformed the Banks industry 27.1%.


Return on Equity

High ROE: TSC's Return on Equity (10%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is TriState Capital Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: TSC has a low level of unsold assets or inventory.

Debt Coverage by Assets: TSC's debt is covered by short term assets (assets are 1.4x debt).


Financial Institutions Analysis

Asset Level: TSC's level of assets compared to its equity is moderate.

Allowance for Bad Loans: TSC has a sufficient allowance for bad loans.

Low Risk Liabilities: TSC's liabilities are made up of primarily low risk sources of funding.

Loan Level: TSC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: TSC's loans are broadly funded by customer deposits.

Level of Bad Loans: TSC has an appropriate level of bad loans (0%)


Next Steps

Dividend

What is TriState Capital Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years0%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate TSC's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate TSC's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TSC's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TSC's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TSC's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of TriState Capital Holdings's salary, the management and board of directors tenure and is there insider trading?

1.9yrs

Average management tenure


CEO

Jim Getz (72yo)

12.9yrs

Tenure

US$3,878,618

Compensation

Mr. James F. Getz, also known as Jim, co-founded Tristate Capital Holdings, Inc. in 2007 and has been its President and Chief Executive Officer since January 01, 2013 and January 2007 respectively. Mr. Get ...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD3.88M) is above average for companies of similar size in the US market ($USD2.63M).

Compensation vs Earnings: Jim's compensation has been consistent with company performance over the past year.


Management Age and Tenure

1.9yrs

Average Tenure

62.5yo

Average Age

Experienced Management: TSC's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Age and Tenure

12.9yrs

Average Tenure

71yo

Average Age

Experienced Board: TSC's board of directors are seasoned and experienced ( 12.9 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$494,58803 Sep 19
James Getz
EntityIndividual
Role
Chief Executive Officer
Chairman
Shares25,000
Max PriceUS$19.80
BuyUS$485,21328 Aug 19
James Getz
EntityIndividual
Role
Chief Executive Officer
Chairman
Shares25,000
Max PriceUS$19.45
BuyUS$19,45022 Aug 19
David Demas
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares1,000
Max PriceUS$19.45
BuyUS$74,57409 Aug 19
Timothy Riddle
EntityIndividual
Role
Senior Key Executive
Executive Officer & CEO of Chartwell Investment Partners
Shares3,838
Max PriceUS$19.43
BuyUS$22,93409 Aug 19
Timothy Riddle
EntityIndividual
Role
Senior Key Executive
Executive Officer & CEO of Chartwell Investment Partners
Shares1,162
Max PriceUS$19.74
BuyUS$95,17530 Jul 19
David Bonvenuto
EntityIndividual
Shares4,500
Max PriceUS$21.15
BuyUS$98,85022 Jul 19
James Dolan
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$19.77
SellUS$282,23126 Feb 19
James Getz
EntityIndividual
Role
Chief Executive Officer
Chairman
Shares12,500
Max PriceUS$22.70
SellUS$282,83122 Feb 19
James Getz
EntityIndividual
Role
Chief Executive Officer
Chairman
Shares12,500
Max PriceUS$22.64
BuyUS$51,74305 Feb 19
Richard Seidel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,500
Max PriceUS$20.70
BuyUS$10,62517 Dec 18
David Demas
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares500
Max PriceUS$21.25

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Jim Getz (72yo)

    Chairman

    • Tenure: 12.9yrs
    • Compensation: US$3.88m
  • Bill Schenck (75yo)

    Vice Chairman of the Board

    • Tenure: 0yrs
    • Compensation: US$473.39k
  • Tim Riddle

    Executive Officer & CEO of Chartwell Investment Partners

    • Tenure: 0.8yrs
    • Compensation: US$693.50k
  • Tom Groneman

    Chief Credit Officer

    • Tenure: 0yrs
  • James Bauerle

    Secretary

    • Tenure: 0yrs
  • Brian Fetterolf (46yo)

    VP & Director

    • Tenure: 2.4yrs
    • Compensation: US$1.50m
  • David Demas (53yo)

    Chief Financial Officer

    • Tenure: 1.9yrs
    • Compensation: US$904.72k
  • James Hill

    Senior Vice President of Commercial Lending - New Jersey Regional Office

    • Tenure: 1.4yrs

Board Members

  • Jim Getz (72yo)

    Chairman

    • Tenure: 12.9yrs
    • Compensation: US$3.88m
  • John Yasinsky (80yo)

    Independent Director

    • Tenure: 13.9yrs
    • Compensation: US$118.64k
  • Bill Schenck (75yo)

    Vice Chairman of the Board

    • Tenure: 0yrs
    • Compensation: US$473.39k
  • Jim Minnick (70yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: US$114.14k
  • James Dolan (64yo)

    Independent Director

    • Tenure: 13.9yrs
    • Compensation: US$127.14k
  • Gene Dewhurst (72yo)

    Independent Director

    • Tenure: 13.9yrs
    • Compensation: US$124.64k
  • Richard Seidel (78yo)

    Independent Director

    • Tenure: 12.9yrs
    • Compensation: US$114.14k
  • Helen Casey (70yo)

    Independent Director

    • Tenure: 0yrs
    • Compensation: US$111.64k
  • Anthony Buzzelli (70yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: US$126.64k
  • Brian Fetterolf (46yo)

    VP & Director

    • Tenure: 2.4yrs
    • Compensation: US$1.50m

Company Information

TriState Capital Holdings, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TriState Capital Holdings, Inc.
  • Ticker: TSC
  • Exchange: NasdaqGS
  • Founded: 2006
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$698.900m
  • Shares outstanding: 29.30m
  • Website: https://www.tristatecapitalbank.com

Number of Employees


Location

  • TriState Capital Holdings, Inc.
  • One Oxford Centre
  • Suite 2700
  • Pittsburgh
  • Pennsylvania
  • 15219
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TSCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 2013
3ZSDB (Deutsche Boerse AG)YesCommon StockDEEURMay 2013
TSCA.PNasdaqGS (Nasdaq Global Select)DEP SHS 1/40 INTUSUSDMar 2018
TSCB.PNasdaqGS (Nasdaq Global Select)6.375 DEP REP BUSUSDMay 2019

Biography

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 i ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/07 00:40
End of Day Share Price2019/12/06 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.