Texas Capital Bancshares Inc. (TCBI) Coverage Initiated at Wedbush
Equities research analysts at Wedbush initiated coverage on shares of Texas Capital Bancshares Inc. (NASDAQ:TCBI) in a report issued on Thursday. The firm set a “neutral” rating on the stock.
Several other research firms have also weighed in on TCBI. Citigroup Inc. lowered Texas Capital Bancshares to an “outperform” rating and lifted their price objective for the company from $52.00 to $54.00 in a research note on Thursday, July 21st. Zacks Investment Research raised Texas Capital Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, July 1st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Texas Capital Bancshares in a research note on Friday, June 17th. TheStreet raised Texas Capital Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, June 23rd. Finally, Raymond James Financial Inc. reaffirmed an “outperform” rating and issued a $54.00 price objective (up from $52.00) on shares of Texas Capital Bancshares in a research note on Thursday, July 21st. Fifteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $50.82.
Shares of Texas Capital Bancshares (NASDAQ:TCBI) traded down 0.26% during trading on Thursday, reaching $57.47. The company had a trading volume of 217,285 shares. Texas Capital Bancshares has a 52-week low of $29.78 and a 52-week high of $61.83. The firm has a 50-day moving average price of $52.66 and a 200-day moving average price of $47.28. The company has a market capitalization of $2.64 billion, a P/E ratio of 21.21 and a beta of 1.47.
Texas Capital Bancshares (NASDAQ:TCBI) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.01. Texas Capital Bancshares had a return on equity of 9.14% and a net margin of 19.73%. During the same period last year, the company posted $0.76 EPS. On average, analysts predict that Texas Capital Bancshares will post $2.98 EPS for the current fiscal year.
In related news, Director James H. Browning sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $52.55, for a total transaction of $131,375.00. Following the completion of the transaction, the director now owns 8,314 shares in the company, valued at approximately $436,900.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.08% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Channing Capital Management LLC raised its position in Texas Capital Bancshares by 101.1% in the second quarter. Channing Capital Management LLC now owns 905,504 shares of the company’s stock worth $42,341,000 after buying an additional 455,292 shares in the last quarter. State Street Corp raised its position in Texas Capital Bancshares by 23.4% in the first quarter. State Street Corp now owns 2,231,426 shares of the company’s stock worth $85,639,000 after buying an additional 423,320 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in Texas Capital Bancshares by 69.7% in the second quarter. Frontier Capital Management Co. LLC now owns 657,166 shares of the company’s stock worth $30,729,000 after buying an additional 269,946 shares in the last quarter. Prudential Financial Inc. raised its position in Texas Capital Bancshares by 197.3% in the first quarter. Prudential Financial Inc. now owns 351,732 shares of the company’s stock worth $13,499,000 after buying an additional 233,410 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in Texas Capital Bancshares during the second quarter worth about $9,866,000.
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 loans, deposit accounts and other financial products and services. It offers commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; real estate term and construction loans; mortgage finance lending; equipment leasing; treasury management services; wealth management and trust services, and letters of credit.
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