Zacks Investment Research lowered shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI) from a buy rating to a hold rating in a research note published on Friday morning.
According to Zacks, “Texas Capital’s shares outperformed the Zacks categorized Southwest Banks industry in the last one year. The company’s diversified fee income sources should continue driving its top-line growth. Moreover, Texas Capital’s strong capital position keeps it well poised for opportunistic expansions. Further, the recent Fed interest rate hike expected to ease the pressure on margin. Moreover, recently approved the Financial Choice Act will act as a tailwind for the company in coming quarters. Nevertheless, lack of geographical diversification and significantly mounting expenses keep us apprehensive.”
TCBI has been the subject of a number of other research reports. Wedbush upgraded shares of Texas Capital Bancshares from a neutral rating to an outperform rating and upped their price objective for the stock from $79.00 to $86.00 in a research report on Monday, May 8th. Stephens reiterated a hold rating on shares of Texas Capital Bancshares in a report on Thursday, April 20th. Piper Jaffray Companies reiterated a neutral rating and issued a $80.00 price target (down previously from $85.00) on shares of Texas Capital Bancshares in a report on Saturday, April 22nd. Raymond James Financial, Inc. reiterated a market perform rating on shares of Texas Capital Bancshares in a report on Thursday, April 20th. Finally, Jefferies Group LLC reiterated a buy rating and issued a $102.00 price target on shares of Texas Capital Bancshares in a report on Tuesday, March 21st. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $83.25.
Texas Capital Bancshares (TCBI) traded down 0.26% during midday trading on Friday, hitting $77.85. 146,976 shares of the stock traded hands. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 22.81 and a beta of 1.67. Texas Capital Bancshares has a one year low of $45.86 and a one year high of $93.35. The company has a 50-day moving average price of $75.78 and a 200 day moving average price of $80.23.
Texas Capital Bancshares (NASDAQ:TCBI) last issued its quarterly earnings results on Wednesday, April 19th. The bank reported $0.80 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.08. The business had revenue of $180.47 million for the quarter, compared to analyst estimates of $192.60 million. Texas Capital Bancshares had a return on equity of 9.90% and a net margin of 21.42%. During the same quarter in the prior year, the company earned $0.49 EPS. Equities research analysts anticipate that Texas Capital Bancshares will post $3.86 earnings per share for the current year.
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In other Texas Capital Bancshares news, insider C Keith Cargill acquired 5,000 shares of the firm’s stock in a transaction on Friday, April 21st. The stock was purchased at an average price of $73.57 per share, with a total value of $367,850.00. Following the completion of the acquisition, the insider now directly owns 77,286 shares in the company, valued at approximately $5,685,931.02. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Peter B. Bartholow sold 4,000 shares of Texas Capital Bancshares stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $74.52, for a total transaction of $298,080.00. Following the completion of the transaction, the chief financial officer now directly owns 37,671 shares of the company’s stock, valued at approximately $2,807,242.92. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in TCBI. Everence Capital Management Inc. acquired a new position in Texas Capital Bancshares during the first quarter worth approximately $287,000. Teachers Advisors LLC increased its position in shares of Texas Capital Bancshares by 16.1% in the fourth quarter. Teachers Advisors LLC now owns 96,279 shares of the bank’s stock valued at $7,548,000 after buying an additional 13,326 shares during the period. United Capital Financial Advisers LLC purchased a new position in shares of Texas Capital Bancshares during the fourth quarter valued at about $224,000. AQR Capital Management LLC increased its position in shares of Texas Capital Bancshares by 34.7% in the fourth quarter. AQR Capital Management LLC now owns 90,401 shares of the bank’s stock valued at $7,087,000 after buying an additional 23,293 shares during the period. Finally, Federated Investors Inc. PA purchased a new position in shares of Texas Capital Bancshares during the fourth quarter valued at about $128,000.
About Texas Capital Bancshares
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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