Wedbush Downgrades Texas Capital Bancshares, Inc. (TCBI) to Neutral
Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was downgraded by equities researchers at Wedbush from an “outperform” rating to a “neutral” rating in a note issued to investors on Wednesday. They presently have a $87.00 price target on the bank’s stock, down from their prior price target of $88.00. Wedbush’s target price suggests a potential upside of 1.40% from the company’s previous close. Wedbush also issued estimates for Texas Capital Bancshares’ Q3 2017 earnings at $1.11 EPS, Q4 2017 earnings at $1.16 EPS, FY2017 earnings at $4.04 EPS, Q1 2018 earnings at $1.08 EPS, Q2 2018 earnings at $1.23 EPS, Q3 2018 earnings at $1.39 EPS, Q4 2018 earnings at $1.39 EPS and FY2018 earnings at $5.09 EPS. The analysts noted that the move was a valuation call.
A number of other analysts have also weighed in on TCBI. BidaskClub lowered shares of Texas Capital Bancshares from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. ValuEngine upgraded shares of Texas Capital Bancshares from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered shares of Texas Capital Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Hovde Group raised their target price on shares of Texas Capital Bancshares from $85.00 to $86.00 and gave the company a “market perform” rating in a research report on Tuesday, August 1st. Finally, Stephens restated a “hold” rating and issued a $84.00 target price on shares of Texas Capital Bancshares in a research report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $87.33.
Texas Capital Bancshares (TCBI) traded down 0.29% on Wednesday, reaching $85.55. 57,930 shares of the company traded hands. Texas Capital Bancshares has a 52-week low of $53.21 and a 52-week high of $93.35. The company has a market capitalization of $4.24 billion, a PE ratio of 23.74 and a beta of 1.68. The stock has a 50-day moving average of $77.90 and a 200 day moving average of $77.85.
Texas Capital Bancshares (NASDAQ:TCBI) last issued its earnings results on Wednesday, July 19th. The bank reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Texas Capital Bancshares had a net margin of 21.84% and a return on equity of 10.01%. The firm had revenue of $201.73 million for the quarter, compared to analyst estimates of $197.10 million. During the same quarter last year, the business posted $0.78 earnings per share. On average, equities analysts forecast that Texas Capital Bancshares will post $4.01 EPS for the current year.
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In other news, insider C Keith Cargill bought 3,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average price of $74.15 per share, with a total value of $222,450.00. Following the completion of the purchase, the insider now directly owns 80,286 shares of the company’s stock, valued at $5,953,206.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wasatch Advisors Inc. raised its stake in Texas Capital Bancshares by 3.6% during the second quarter. Wasatch Advisors Inc. now owns 1,438,060 shares of the bank’s stock worth $111,306,000 after buying an additional 50,474 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Texas Capital Bancshares by 3.7% during the second quarter. Public Employees Retirement System of Ohio now owns 72,759 shares of the bank’s stock worth $5,632,000 after buying an additional 2,595 shares during the last quarter. Koch Industries Inc. bought a new position in Texas Capital Bancshares during the second quarter worth $661,000. 1st Global Advisors Inc. raised its stake in Texas Capital Bancshares by 1.1% during the second quarter. 1st Global Advisors Inc. now owns 6,979 shares of the bank’s stock worth $540,000 after buying an additional 77 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Texas Capital Bancshares by 2.8% during the second quarter. Ameritas Investment Partners Inc. now owns 19,207 shares of the bank’s stock worth $1,487,000 after buying an additional 518 shares during the last quarter.
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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