Bank of America Corp DE Purchases 45,220 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• Bank of America increased its Texas Capital Bancshares stake by 13.6% in the first quarter, acquiring 45,220 shares and bringing its holdings to 378,515 shares valued at approximately $35.9 million. Institutional investors collectively own 96.88% of the company.
• Texas Capital Bancshares reported quarterly earnings of $1.88 per share, slightly exceeding estimates, while revenue rose 9.1% year over year to $335.5 million. The bank also declared a quarterly dividend of $0.20 per share, representing a 0.8% annual yield.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $105.83; meanwhile, company insiders have sold 104,145 shares worth about $10.6 million over the past 90 days.

Bank of America Corp DE increased its holdings in Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 13.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 378,515 shares of the bank's stock after acquiring an additional 45,220 shares during the period. Bank of America Corp DE owned about 0.87% of Texas Capital Bancshares worth $35,914,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its stake in shares of Texas Capital Bancshares by 1.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,376,880 shares of the bank's stock worth $305,743,000 after purchasing an additional 43,003 shares during the period. AQR Capital Management LLC grew its position in Texas Capital Bancshares by 16.4% during the fourth quarter. AQR Capital Management LLC now owns 2,234,678 shares of the bank's stock valued at $202,328,000 after buying an additional 315,484 shares during the period. Geode Capital Management LLC increased its holdings in Texas Capital Bancshares by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 1,197,494 shares of the bank's stock worth $108,436,000 after buying an additional 33,709 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Texas Capital Bancshares by 2.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 596,149 shares of the bank's stock worth $53,975,000 after buying an additional 12,486 shares during the last quarter. Finally, Norges Bank bought a new stake in Texas Capital Bancshares in the fourth quarter worth about $51,728,000. 96.88% of the stock is owned by hedge funds and other institutional investors.

Texas Capital Bancshares Trading Up 0.2%

NASDAQ TCBI opened at $101.02 on Friday. The stock has a market cap of $4.39 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 1.23 and a beta of 0.68. The stock has a 50 day simple moving average of $101.48 and a two-hundred day simple moving average of $99.76. Texas Capital Bancshares, Inc. has a fifty-two week low of $75.41 and a fifty-two week high of $108.92. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.00 and a current ratio of 1.00.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.01. Texas Capital Bancshares had a return on equity of 10.86% and a net margin of 17.90%.The company had revenue of $335.50 million for the quarter, compared to analyst estimates of $333.37 million. During the same period in the previous year, the company posted $1.63 earnings per share. The firm's revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that Texas Capital Bancshares, Inc. will post 7.39 earnings per share for the current year.

Texas Capital Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.8%. Texas Capital Bancshares's dividend payout ratio (DPR) is presently 10.40%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TCBI. Fundamental Research set a $110.00 price target on shares of Texas Capital Bancshares in a research note on Wednesday, July 1st. Wall Street Zen lowered Texas Capital Bancshares from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Piper Sandler raised their target price on Texas Capital Bancshares from $96.00 to $100.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Weiss Ratings restated a "buy (b)" rating on shares of Texas Capital Bancshares in a research note on Monday, July 6th. Finally, TD Cowen dropped their price target on Texas Capital Bancshares from $109.00 to $106.00 and set a "hold" rating on the stock in a research report on Monday, July 27th. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $105.83.

Insider Buying and Selling at Texas Capital Bancshares

In other Texas Capital Bancshares news, CEO Rob C. Holmes sold 49,500 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $101.22, for a total transaction of $5,010,390.00. Following the completion of the sale, the chief executive officer directly owned 167,635 shares of the company's stock, valued at $16,968,014.70. This trade represents a 22.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Anna M. Alvarado sold 3,500 shares of Texas Capital Bancshares stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $100.95, for a total transaction of $353,325.00. Following the sale, the insider owned 23,810 shares in the company, valued at approximately $2,403,619.50. The trade was a 12.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 104,145 shares of company stock valued at $10,570,584 over the last 90 days. 1.91% of the stock is currently owned by corporate insiders.

Texas Capital Bancshares Company Profile

Texas Capital Bancshares, Inc is a bank holding company headquartered in Dallas, Texas, operating through its wholly owned subsidiary, Texas Capital Bank. The company specializes in providing commercial banking services to middle-market companies, entrepreneurs, professional service firms, real estate developers, and not-for-profit organizations. Its broad range of offerings includes commercial lending, treasury and cash management, real estate finance, equipment finance, and energy lending, all designed to address the unique financial needs of businesses navigating growth and market challenges.

In addition to its core commercial banking capabilities, Texas Capital Bancshares delivers private banking and wealth management services for business owners and high-net-worth individuals.

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