Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, July 11th. The brokerage presently has a $87.00 price target on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 16.47% from the company’s previous close.
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. However, lack of geographical diversification and significantly mounting expenses keep us apprehensive. Nevertheless, the expectation of lesser regulations will act as a tailwind for the company in the medium term.”
TCBI has been the subject of a number of other reports. Wedbush upgraded Texas Capital Bancshares from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $79.00 to $86.00 in a research report on Monday, May 8th. Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $98.00 price objective (up from $95.00) on shares of Texas Capital Bancshares in a research report on Thursday, March 16th. Jefferies Group LLC reiterated a “buy” rating and issued a $102.00 price objective on shares of Texas Capital Bancshares in a research report on Tuesday, March 21st. BidaskClub lowered Texas Capital Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $80.00 price objective (down from $85.00) on shares of Texas Capital Bancshares in a research report on Saturday, April 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $86.15.
Texas Capital Bancshares (TCBI) traded down 0.27% during midday trading on Tuesday, reaching $74.70. 532,113 shares of the company’s stock were exchanged. Texas Capital Bancshares has a 52 week low of $48.01 and a 52 week high of $93.35. The stock’s 50 day moving average is $78.15 and its 200 day moving average is $80.23. The firm has a market capitalization of $3.71 billion, a P/E ratio of 20.73 and a beta of 1.67.
Texas Capital Bancshares (NASDAQ:TCBI) last announced its earnings results on Wednesday, July 19th. The bank reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. Texas Capital Bancshares had a return on equity of 10.01% and a net margin of 21.84%. The company had revenue of $201.73 million during the quarter, compared to analyst estimates of $197.10 million. During the same period last year, the company posted $0.78 earnings per share. On average, analysts expect that Texas Capital Bancshares will post $4.01 EPS for the current fiscal year.
In other Texas Capital Bancshares news, CFO Peter B. Bartholow sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $74.52, for a total value of $298,080.00. Following the sale, the chief financial officer now owns 37,671 shares in the company, valued at approximately $2,807,242.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider C Keith Cargill bought 3,000 shares of the business’s stock in a transaction on Friday, August 11th. The stock was purchased at an average price of $74.15 per share, for a total transaction of $222,450.00. Following the purchase, the insider now directly owns 80,286 shares in the company, valued at approximately $5,953,206.90. The disclosure for this purchase can be found here. Insiders own 0.47% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TCBI. Epoch Investment Partners Inc. boosted its stake in Texas Capital Bancshares by 0.9% in the second quarter. Epoch Investment Partners Inc. now owns 582,271 shares of the bank’s stock valued at $45,068,000 after buying an additional 5,107 shares during the last quarter. Sapience Investments LLC bought a new position in Texas Capital Bancshares during the second quarter valued at $8,909,000. Suntrust Banks Inc. raised its position in Texas Capital Bancshares by 5.0% in the second quarter. Suntrust Banks Inc. now owns 4,674 shares of the bank’s stock valued at $360,000 after buying an additional 223 shares during the period. California Public Employees Retirement System raised its position in Texas Capital Bancshares by 0.7% in the second quarter. California Public Employees Retirement System now owns 86,700 shares of the bank’s stock valued at $6,711,000 after buying an additional 600 shares during the period. Finally, Vanguard Group Inc. raised its position in Texas Capital Bancshares by 2.5% in the second quarter. Vanguard Group Inc. now owns 4,053,255 shares of the bank’s stock valued at $313,721,000 after buying an additional 98,473 shares during the period.
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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