Cibc World Market Inc. Acquires New Position in Texas Capital Bancshares, Inc. $TCBI

Key Points

• Cibc World Market Inc. acquired 71,646 shares of Texas Capital Bancshares in the second quarter, valued at approximately $7.4 million. Institutional investors collectively own 96.88% of the company.
• Analysts maintain a mixed outlook, with a consensus “Hold” rating and an average price target of $105.83, compared with the stock’s reported opening price of $98.59.
• Texas Capital Bancshares slightly exceeded quarterly earnings and revenue expectations, reporting $1.88 EPS and $335.5 million in revenue. The company also declared a quarterly dividend of $0.20 per share, while insiders sold more than $10.5 million of stock over the past three months.

Cibc World Market Inc. acquired a new stake in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 71,646 shares of the bank's stock, valued at approximately $7,398,000. Cibc World Market Inc. owned approximately 0.16% of Texas Capital Bancshares as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Texas Capital Bancshares in the second quarter worth approximately $4,496,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Texas Capital Bancshares during the second quarter valued at approximately $75,429,000. Commerce Bank bought a new stake in shares of Texas Capital Bancshares during the second quarter valued at approximately $582,000. Quantbot Technologies LP purchased a new position in Texas Capital Bancshares in the 2nd quarter worth approximately $5,586,000. Finally, Evolve Private Wealth LLC purchased a new position in Texas Capital Bancshares in the 2nd quarter worth approximately $497,000. 96.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TCBI has been the topic of several recent analyst reports. Fundamental Research set a $110.00 target price on Texas Capital Bancshares in a research note on Wednesday, July 1st. JPMorgan Chase & Co. boosted their price target on Texas Capital Bancshares from $105.00 to $110.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 1st. Citigroup upped their price target on Texas Capital Bancshares from $105.00 to $107.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Wall Street Zen cut Texas Capital Bancshares from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Finally, Stephens reduced their price objective on Texas Capital Bancshares from $116.00 to $112.00 and set an "overweight" rating for the company in a report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $105.83.

Texas Capital Bancshares Price Performance

Shares of NASDAQ:TCBI opened at $98.59 on Wednesday. The firm's 50 day moving average price is $101.21 and its 200-day moving average price is $99.63. Texas Capital Bancshares, Inc. has a twelve month low of $75.41 and a twelve month high of $108.92. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $4.29 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.19 and a beta of 0.68.

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

Texas Capital Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, September 1st. Texas Capital Bancshares's dividend payout ratio is 10.40%.

Insider Transactions at Texas Capital Bancshares

In other Texas Capital Bancshares news, insider Ellen Detrich sold 2,045 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $100.03, for a total transaction of $204,561.35. Following the completion of the sale, the insider owned 7,529 shares of the company's stock, valued at approximately $753,125.87. The trade was a 21.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Anna M. Alvarado sold 3,500 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $100.95, for a total value of $353,325.00. Following the completion of the sale, the insider owned 23,810 shares of the company's stock, valued at approximately $2,403,619.50. The trade was a 12.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,145 shares of company stock worth $10,570,584 in the last three months. Corporate insiders own 1.91% of the company's stock.

Texas Capital Bancshares 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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