American Century Companies Inc. Sells 243,860 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• American Century Companies Inc. has reduced its stake in Texas Capital Bancshares by 42.0%, selling 243,860 shares, and now owns 337,203 shares valued at approximately $25.19 million.
• Institutional investors hold 96.88% of Texas Capital Bancshares, with various firms, including Massachusetts Financial Services Co. and Millennium Management LLC, increasing their stakes in the company.
• Texas Capital Bancshares has recently received mixed ratings from analysts, with an average consensus rating of "Hold" and a price target of $83.50.

American Century Companies Inc. lessened its stake in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 42.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 337,203 shares of the bank's stock after selling 243,860 shares during the period. American Century Companies Inc. owned 0.73% of Texas Capital Bancshares worth $25,189,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its stake in Texas Capital Bancshares by 9.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 813,028 shares of the bank's stock worth $60,733,000 after acquiring an additional 68,195 shares during the period. Northern Trust Corp increased its stake in Texas Capital Bancshares by 12.0% during the 4th quarter. Northern Trust Corp now owns 660,478 shares of the bank's stock worth $51,649,000 after acquiring an additional 70,804 shares during the period. Millennium Management LLC increased its stake in Texas Capital Bancshares by 60.6% during the 4th quarter. Millennium Management LLC now owns 385,477 shares of the bank's stock worth $30,144,000 after acquiring an additional 145,393 shares during the period. Nuveen LLC bought a new position in Texas Capital Bancshares during the 1st quarter worth $25,808,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in Texas Capital Bancshares by 7.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 330,898 shares of the bank's stock worth $25,876,000 after acquiring an additional 22,676 shares during the period. Institutional investors own 96.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TCBI shares. Jefferies Financial Group set a $80.00 price objective on Texas Capital Bancshares and gave the stock a "hold" rating in a research note on Wednesday, May 21st. JPMorgan Chase & Co. raised their price objective on Texas Capital Bancshares from $70.00 to $82.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Hovde Group lifted their price target on Texas Capital Bancshares from $75.00 to $95.00 and gave the company a "market perform" rating in a research note on Friday, July 18th. Citigroup boosted their price target on Texas Capital Bancshares from $69.00 to $79.00 and gave the stock a "sell" rating in a report on Friday, July 18th. Finally, Barclays boosted their price target on Texas Capital Bancshares from $78.00 to $82.00 and gave the stock an "underweight" rating in a report on Friday, July 18th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $83.50.

Insiders Place Their Bets

In other news, Director Robert W. Stallings acquired 10,500 shares of Texas Capital Bancshares stock in a transaction that occurred on Wednesday, June 11th. The shares were acquired at an average price of $20.28 per share, for a total transaction of $212,940.00. Following the transaction, the director directly owned 60,000 shares of the company's stock, valued at approximately $1,216,800. The trade was a 21.21% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.72% of the stock is owned by corporate insiders.

Texas Capital Bancshares Trading Up 4.5%

Shares of TCBI stock opened at $87.50 on Friday. The firm has a market capitalization of $4.00 billion, a P/E ratio of 34.72, a P/E/G ratio of 0.70 and a beta of 0.65. Texas Capital Bancshares, Inc. has a twelve month low of $59.37 and a twelve month high of $94.61. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.19. The stock's fifty day simple moving average is $83.16 and its 200 day simple moving average is $76.73.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.28 by $0.35. The business had revenue of $307.46 million for the quarter, compared to analyst estimates of $298.90 million. Texas Capital Bancshares had a return on equity of 10.36% and a net margin of 6.79%.During the same quarter in the previous year, the company posted $0.80 EPS. As a group, sell-side analysts predict that Texas Capital Bancshares, Inc. will post 5.84 EPS for the current fiscal year.

Texas Capital Bancshares Company Profile

Texas Capital Bancshares, Inc operates as the bank holding company for Texas Capital Bank, is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. The company offers commercial banking; consumer banking; investment banking solutions, including capital markets, mergers and acquisitions, and syndicated finance, as well as financial sponsor coverage, capital solutions, and institutional services; and wealth management services, such as investment management, financial planning, lockbox and insurance, securities-based lending, estate planning, and business succession, as well as philanthropic, trustee and executor, custom credit, and depository services.

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