Texas Capital Bancshares (NASDAQ:TCBI) Shares Down 6.2%

Texas Capital Bancshares Inc (NASDAQ:TCBI)’s stock price dropped 6.2% during trading on Thursday . The stock traded as low as $58.26 and last traded at $59.02, approximately 743,235 shares traded hands during trading. An increase of 9% from the average daily volume of 681,616 shares. The stock had previously closed at $62.93.

TCBI has been the topic of several research reports. BidaskClub raised shares of Texas Capital Bancshares from a “strong sell” rating to a “sell” rating in a research note on Friday, June 28th. TheStreet raised shares of Texas Capital Bancshares from a “c+” rating to a “b-” rating in a report on Tuesday, April 30th. SunTrust Banks cut shares of Texas Capital Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $72.00 to $63.00 in a report on Thursday, July 18th. Zacks Investment Research cut shares of Texas Capital Bancshares from a “buy” rating to a “hold” rating and set a $62.00 target price for the company. in a report on Tuesday, June 11th. Finally, Raymond James lifted their target price on shares of Texas Capital Bancshares from $63.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $66.70.

The company has a quick ratio of 1.21, a current ratio of 1.26 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 10.12, a PEG ratio of 1.01 and a beta of 1.79. The stock has a fifty day moving average price of $60.35.

Texas Capital Bancshares (NASDAQ:TCBI) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.03). Texas Capital Bancshares had a net margin of 22.88% and a return on equity of 13.29%. The company had revenue of $267.92 million for the quarter, compared to analysts’ expectations of $267.15 million. During the same period in the previous year, the firm earned $1.38 earnings per share. Equities research analysts forecast that Texas Capital Bancshares Inc will post 6.05 EPS for the current year.

In related news, CEO C Keith Cargill acquired 3,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average cost of $58.83 per share, with a total value of $176,490.00. Following the completion of the acquisition, the chief executive officer now directly owns 120,847 shares of the company’s stock, valued at $7,109,429.01. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ian J. Turpin sold 3,977 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $60.59, for a total transaction of $240,966.43. Following the transaction, the director now directly owns 4,632 shares of the company’s stock, valued at $280,652.88. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Manchester Capital Management LLC purchased a new position in shares of Texas Capital Bancshares during the first quarter valued at approximately $34,000. Kavar Capital Partners LLC purchased a new position in shares of Texas Capital Bancshares during the second quarter valued at approximately $123,000. First Interstate Bank raised its holdings in shares of Texas Capital Bancshares by 23.2% during the first quarter. First Interstate Bank now owns 2,575 shares of the bank’s stock valued at $141,000 after purchasing an additional 485 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Texas Capital Bancshares during the first quarter valued at approximately $164,000. Finally, Great Lakes Advisors LLC purchased a new stake in Texas Capital Bancshares during the first quarter valued at approximately $288,000. 95.78% of the stock is owned by hedge funds and other institutional investors.

Texas Capital Bancshares Company Profile (NASDAQ:TCBI)

Texas Capital Bancshares, Inc operates as the bank holding company for Texas Capital Bank, National Association that provides various banking products and services for commercial businesses, and professionals and entrepreneurs. It offers business deposit products and services, including commercial checking accounts, lockbox accounts, and cash concentration accounts, as well as other treasury management services, including information services, wire transfer initiation, ACH initiation, account transfer, and service integration; and consumer deposit products, such as checking accounts, savings accounts, money market accounts, and certificates of deposit.

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