Texas Capital Bancshares Inc (NASDAQ:TCBI) traded down 6.3% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $70.65 and last traded at $73.83, with a volume of 2,541,419 shares trading hands. The stock had previously closed at $78.75.
The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by $0.08. The firm earned $180.47 million during the quarter, compared to analysts’ expectations of $192.60 million. Texas Capital Bancshares had a return on equity of 9.94% and a net margin of 19.98%. During the same period last year, the firm posted $0.49 earnings per share.
Several research analysts have issued reports on the stock. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Texas Capital Bancshares in a report on Thursday. Stephens reaffirmed a “hold” rating on shares of Texas Capital Bancshares in a report on Thursday. Keefe, Bruyette & Woods set a $83.00 target price on shares of Texas Capital Bancshares and gave the stock a “hold” rating in a report on Monday, April 3rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $102.00 target price on shares of Texas Capital Bancshares in a report on Tuesday, March 21st. Finally, JMP Securities assumed coverage on shares of Texas Capital Bancshares in a report on Thursday, February 2nd. They issued an “outperform” rating and a $98.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $73.57.
A number of hedge funds have recently made changes to their positions in TCBI. Federated Investors Inc. PA acquired a new stake in shares of Texas Capital Bancshares during the fourth quarter valued at about $128,000. Tyers Asset Management LLC acquired a new stake in shares of Texas Capital Bancshares during the fourth quarter valued at about $180,000. Cantab Capital Partners LLP acquired a new stake in shares of Texas Capital Bancshares during the fourth quarter valued at about $205,000. Strategic Investment Management LLC acquired a new stake in shares of Texas Capital Bancshares during the fourth quarter valued at about $215,000. Finally, Flinton Capital Management LLC acquired a new stake in shares of Texas Capital Bancshares during the fourth quarter valued at about $219,000. Institutional investors own 95.46% of the company’s stock.
The stock’s 50 day moving average is $83.68 and its 200 day moving average is $76.05. The firm has a market capitalization of $3.66 billion, a P/E ratio of 23.738 and a beta of 1.41.
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Texas Capital Bancshares Company Profile
Texas Capital Bancshares, Inc is a bank holding and a financial holding company. The Company is the parent of Texas Capital Bank, National Association (the Bank). It offers a range of loan, deposit account and other financial products and services to its customers. It offers a range of products and services for its business customers, including commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; medium- and long-term tax-exempt loans for municipalities and other governmental and tax-exempt entities; wealth management and trust services, and letters of credit.
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