Citigroup Inc. Cuts Stake in Texas Capital Bancshares, Inc. $TCBI

Key Points

• Citigroup Inc. has reduced its holdings in Texas Capital Bancshares by 7.5% in the first quarter, owning approximately 0.22% of the bank's stock worth $7.38 million.
• Several hedge funds, including UMB Bank n.a. and GAMMA Investing LLC, have significantly increased their positions in Texas Capital Bancshares, highlighting a contrasting investment trend among institutional investors.
• Analysts have given mixed price targets for Texas Capital Bancshares, with a consensus rating of "Hold" and an average price target of $83.50, reflecting differing perspectives on the stock's future performance.

Citigroup Inc. lowered its holdings in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 7.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 98,800 shares of the bank's stock after selling 8,067 shares during the quarter. Citigroup Inc. owned approximately 0.22% of Texas Capital Bancshares worth $7,380,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. increased its position in shares of Texas Capital Bancshares by 1,089.8% during the 1st quarter. UMB Bank n.a. now owns 583 shares of the bank's stock valued at $44,000 after purchasing an additional 534 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Texas Capital Bancshares by 127.0% during the 1st quarter. GAMMA Investing LLC now owns 831 shares of the bank's stock valued at $62,000 after acquiring an additional 465 shares during the period. Sterling Capital Management LLC grew its stake in shares of Texas Capital Bancshares by 819.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,481 shares of the bank's stock valued at $116,000 after acquiring an additional 1,320 shares during the period. Bayforest Capital Ltd grew its stake in shares of Texas Capital Bancshares by 69.7% during the 1st quarter. Bayforest Capital Ltd now owns 2,309 shares of the bank's stock valued at $172,000 after acquiring an additional 948 shares during the period. Finally, United Capital Financial Advisors LLC bought a new position in shares of Texas Capital Bancshares during the 4th quarter valued at approximately $202,000. Hedge funds and other institutional investors own 96.88% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Hovde Group boosted their price objective 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. Barclays boosted their price objective on Texas Capital Bancshares from $78.00 to $82.00 and gave the company an "underweight" rating in a research note on Friday, July 18th. Wall Street Zen upgraded Texas Capital Bancshares from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. JPMorgan Chase & Co. boosted their price objective on Texas Capital Bancshares from $70.00 to $82.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Finally, Keefe, Bruyette & Woods boosted their price objective on 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 investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $83.50.

Texas Capital Bancshares Price Performance

Shares of NASDAQ TCBI traded down $0.76 during midday trading on Tuesday, reaching $83.59. 443,864 shares of the stock traded hands, compared to its average volume of 491,570. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $3.83 billion, a PE ratio of 33.17, a P/E/G ratio of 0.70 and a beta of 0.65. Texas Capital Bancshares, Inc. has a one year low of $59.37 and a one year high of $94.61. The company's 50 day moving average is $82.51 and its 200 day moving average is $76.53.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.35. Texas Capital Bancshares had a return on equity of 10.36% and a net margin of 6.79%.The company had revenue of $307.46 million for the quarter, compared to analyst estimates of $298.90 million. During the same quarter in the prior year, the firm posted $0.80 EPS. On average, equities research analysts anticipate that Texas Capital Bancshares, Inc. will post 5.84 earnings per share for the current year.

Insiders Place Their Bets

In other Texas Capital Bancshares news, Director Robert W. Stallings bought 10,500 shares of Texas Capital Bancshares stock in a transaction 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 completion of the purchase, the director directly owned 60,000 shares in the company, valued at approximately $1,216,800. This trade represents a 21.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.72% of the stock is currently owned by insiders.

Texas Capital Bancshares 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.