TriState Capital Holdings, Inc. (TSC) stock soared today following the announcement of the acquisition of TriState Capital by Raymond James and third quarter 2021 financial results. TSC stock price saw a surge of 32.42% to reach $30.12 a share at the time of this writing. The trading volume on the last check was 4.5 million, far greater than the 73,901 average trading volume. Let’s take a closer look at recent events of this stock.
Raymond James to Acquire TSC stock:
Multinational investment bank and financial services firm Raymond James has signed the agreement today to acquire TCS stock for approximately $1.1 billion. According to the agreement, TSC stockholders will get 0.25 shares of Raymond James for each common share of TSC stock and $6 cash. The acquisition is expected to close in the next year. After the completion of the acquisition, TriState Capital will run as an independent chartered bank subsidiary of Raymond James.
Third-quarter 2021 Financial Results:
TriState Capital Yesterday on October 20, 2021, announced third quarter 2021 financial results according to which
- NII reached $46.7 million in the reported quarter representing a 39.4% increase from $33.5 million in the same period of the previous year.
- The net income available to common shareholders for the reported quarter was $16.9 million as compared to $7.4 million in the same tenure of the previous year. This represents a 29.7% increase over the year.
- The stock generated $0.44 per diluted share in the reported quarter as compared to $0.26 in the same tenure of the previous year.
- Non-interest income for TSC stock was declined to $14.2 million in the third quarter from $16.9 million in the same quarter of last year. Chartwell investment management fees increased from $8.1 million in Q3,2020 to $9.4 million in Q3,2021.
- NII and non-interest income for the TSC stock reached $60.9 million in the third quarter of 2021. This represents an increase of 30.6% from $46.6 million in the same quarter of last year.
- Non-interest expense for the TSC stock was 38.0 million in the reported quarter, 20.9% higher than the $31.4 million in the same prior-year period.
- Income before tax increased from $11.5 million in Q3,2020 to $22.9 million in the third quarter of 2021.
- By the end of September 2021, TriState stock had $1.90 billion in cash, cash equivalents, and securities.
Wrap Up:
The recent couple of news related to the acquisition of TriState by Raymond James and third quarter 2021 financial results caused the hype in the per-share price of the TSC stock. The financial results reflect that the TSC stock is progressing with time. In a nutshell, investors need to keep an eye on this stock.
