Texas Capital Bancshares (NASDAQ:TCBI – Get Note) was downgraded by Bank of America research analysts from a “neutral” rating to an “underperforming” rating in a research note released Thursday to investors, reports The Fly. They currently have a price target of $55.00 on the bank’s stock. Bank of America’s price target points to a potential decline of 8.27% from the stock’s previous close.
Other analysts have also published research reports on the stock. StockNews.com downgraded shares of Texas Capital Bancshares from a “hold” rating to a “sell” rating in a Saturday, July 30 research note. Raymond James upgraded shares of Texas Capital Bancshares from an ‘outperform’ rating to a ‘strong buy’ rating and set a price target of $70.00 for the company in a Thursday research note July 7. Jefferies Financial Group raised its price target on shares of Texas Capital Bancshares from $51.00 to $52.00 in a Monday, July 11 research note. Wedbush raised its price target on shares of Texas Capital Bancshares to $60.00 in a Monday, July 25 research note. Finally, Truist Financial cut its price target on Texas Capital Bancshares stock from $69.00 to $65.00 and set a “buy” rating for the company in a Wednesday, June 15 research note. Two research analysts rated the stock with a sell rating, one issued a buy rating and one gave the company’s stock a strong buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.33.
Performance of Texas Capital Bancshares shares
NASDAQ: TCBI opened at $59.96 on Thursday. The company has a fifty-day moving average of $58.32 and a 200-day moving average of $57.09. The company has a market capitalization of $2.99 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.15 and a beta of 1.50. The company has a quick ratio of 1.02, a current ratio of 1.02 and a leverage ratio of 0.34. Texas Capital Bancshares has a 12-month low of $48.79 and a 12-month high of $71.60.
Texas Capital Bancshares (NASDAQ:TCBI – Get Rating) last released quarterly earnings data on Thursday, July 21. The bank reported earnings per share of $0.59 for the quarter, missing the consensus estimate of $0.74 per ($0.15). Texas Capital Bancshares had a net margin of 18.42% and a return on equity of 6.48%. In the same quarter a year earlier, the company posted earnings of $1.31 per share. As a group, sell-side analysts expect Texas Capital Bancshares to post year-to-date EPS of 3.43.
Insider Trading at Texas Capital Bancshares
In other news, Director Robert W. Stallings purchased 8,000 shares of Texas Capital Bancshares in a trade dated Tuesday, August 16. The shares were purchased at an average price of $65.35 per share, for a total transaction of $522,800.00. As a result of the purchase, the administrator now directly owns 146,000 shares of the company, valued at approximately $9,541,100. The transaction was disclosed in a legal filing with the SEC, accessible via this link. Separately, director Robert W. Stallings purchased 2,430 shares of the company in a transaction that took place on Monday, July 25. The shares were purchased at an average cost of $22.54 per share, with a total value of $54,772.20. Following the acquisition, the director now owns 2,340 shares of the company, valued at $52,743.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, director Robert W. Stallings purchased 8,000 shares of the company in a transaction that took place on Tuesday, August 16. The stock was purchased at an average price of $65.35 per share, for a total transaction of $522,800.00. Following the completion of the acquisition, the administrator now directly owns 146,000 shares of the company, valued at approximately $9,541,100. Disclosure of this purchase can be found here. Insiders purchased a total of 57,805 shares of the company worth $3,230,924 during the last quarter. 0.56% of the shares are currently held by company insiders.
Hedge funds weigh on shares of Texas Capital Bancshares
A number of hedge funds and other institutional investors have recently changed their positions in TCBI. Eagle Bay Advisors LLC increased its holdings in Texas Capital Bancshares by 65.9% during the second quarter. Eagle Bay Advisors LLC now owns 720 shares of the bank valued at $38,000 after buying 286 additional shares in the last quarter. Quent Capital LLC increased its holdings in Texas Capital Bancshares by 157.5% during the first quarter. Quent Capital LLC now owns 837 shares of the bank valued at $48,000 after buying an additional 512 shares in the last quarter. Exane Derivatives acquired a new stake in Texas Capital Bancshares during the first quarter worth approximately $108,000. Carl Stuart Investment Advisor Inc. bought a new stake in Texas Capital Bancshares during the first quarter worth approximately $115,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Texas Capital Bancshares during the first quarter worth approximately $210,000. 99.44% of the shares are held by hedge funds and other institutional investors.
About Texas Capital Bancshares
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Texas Capital Bancshares, Inc. operates as a bank holding company for Texas Capital Bank, is a full-service financial services company that provides customized solutions to businesses, entrepreneurs and individuals. The Company offers commercial banking, retail banking, investment banking and wealth management.
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