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Why TriState Capital Holdings, Inc. (TSC) stock is soaring today?

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.

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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.

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