AQR Capital Management LLC Acquires 657,630 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• AQR Capital Management LLC increased its stake in Texas Capital Bancshares by 84.8%, acquiring an additional 657,630 shares to reach a total of 1,432,771 shares, valued at approximately $105.4 million.
• Analyst ratings on Texas Capital Bancshares show a consensus of Hold with a target price of $83.50, with recent upgrades from Keefe, Bruyette & Woods setting a new price target at $100.00.
• Texas Capital Bancshares reported earnings of $1.63 per share, surpassing analysts' expectations of $1.28, alongside a revenue of $307.46 million for the quarter.

AQR Capital Management LLC boosted its holdings in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 84.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,432,771 shares of the bank's stock after purchasing an additional 657,630 shares during the period. AQR Capital Management LLC owned 3.12% of Texas Capital Bancshares worth $105,395,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Envestnet Asset Management Inc. grew its stake in shares of Texas Capital Bancshares by 1.9% during the first quarter. Envestnet Asset Management Inc. now owns 10,838 shares of the bank's stock valued at $810,000 after purchasing an additional 207 shares during the last quarter. Moody National Bank Trust Division grew its stake in shares of Texas Capital Bancshares by 1.5% during the first quarter. Moody National Bank Trust Division now owns 17,626 shares of the bank's stock valued at $1,317,000 after purchasing an additional 255 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Texas Capital Bancshares by 127.0% during the first quarter. GAMMA Investing LLC now owns 831 shares of the bank's stock valued at $62,000 after purchasing an additional 465 shares during the last quarter. Gabelli Funds LLC boosted its stake in Texas Capital Bancshares by 4.2% in the first quarter. Gabelli Funds LLC now owns 12,450 shares of the bank's stock valued at $930,000 after acquiring an additional 500 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in Texas Capital Bancshares by 1,089.8% in the first quarter. UMB Bank n.a. now owns 583 shares of the bank's stock valued at $44,000 after acquiring an additional 534 shares during the last quarter. 96.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on TCBI. Citigroup raised their price objective on shares of Texas Capital Bancshares from $69.00 to $79.00 and gave the company a "sell" rating in a research note on Friday, July 18th. Barclays raised their price objective on shares of Texas Capital Bancshares from $78.00 to $82.00 and gave the company an "underweight" rating in a research note on Friday, July 18th. Jefferies Financial Group set a $80.00 price objective on shares of Texas Capital Bancshares and gave the company a "hold" rating in a research note on Wednesday, May 21st. Hovde Group raised their price objective on shares of 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. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Texas Capital Bancshares from $86.00 to $100.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $83.50.

Insider Transactions at Texas Capital Bancshares

In other Texas Capital Bancshares news, Director Robert W. Stallings purchased 10,500 shares of the stock in a transaction on Wednesday, June 11th. The shares were purchased at an average cost of $20.28 per share, for a total transaction of $212,940.00. Following the purchase, the director owned 60,000 shares of the company's stock, valued at approximately $1,216,800. This represents a 21.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.72% of the company's stock.

Texas Capital Bancshares Stock Up 0.9%

Shares of NASDAQ:TCBI traded up $0.78 during midday trading on Monday, reaching $87.30. 384,521 shares of the company were exchanged, compared to its average volume of 420,281. Texas Capital Bancshares, Inc. has a fifty-two week low of $59.37 and a fifty-two week 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 has a fifty day simple moving average of $85.12 and a two-hundred day simple moving average of $76.96. The firm has a market cap of $3.99 billion, a PE ratio of 34.64, a P/E/G ratio of 0.71 and a beta of 0.69.

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