Congress Asset Management Co. Grows Holdings in Texas Capital Bancshares, Inc. $TCBI

Key Points

• Congress Asset Management increased its Texas Capital Bancshares stake by 21.8% in the third quarter, bringing its holdings to 93,803 shares worth approximately $8.7 million. Institutional investors collectively own 96.88% of the company.
• TCBI shares opened at $90.58, down 2.6%, and remain below their 52-week high of $108.92. The company recently reported quarterly EPS of $1.88, slightly ahead of estimates, while revenue rose 9.1% year over year to $335.5 million.
• Analysts have a consensus “Hold” rating and an average price target of $104.50; recent target reductions included Citigroup, Stephens, Raymond James and JPMorgan. Texas Capital also pays a quarterly dividend of $0.20 per share, representing a 0.9% yield.

Congress Asset Management Co. increased its position in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 21.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 93,803 shares of the bank's stock after purchasing an additional 16,790 shares during the period. Congress Asset Management Co. owned approximately 0.22% of Texas Capital Bancshares worth $8,726,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TCBI. Evolve Private Wealth LLC increased its stake in Texas Capital Bancshares by 1.7% in the 1st quarter. Evolve Private Wealth LLC now owns 5,987 shares of the bank's stock worth $568,000 after buying an additional 98 shares during the period. Root Financial Partners LLC boosted its position in Texas Capital Bancshares by 85.2% in the 1st quarter. Root Financial Partners LLC now owns 326 shares of the bank's stock valued at $31,000 after buying an additional 150 shares during the period. EverSource Wealth Advisors LLC grew its stake in Texas Capital Bancshares by 14.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,504 shares of the bank's stock worth $143,000 after acquiring an additional 189 shares in the last quarter. Arizona State Retirement System grew its stake in Texas Capital Bancshares by 1.8% in the 2nd quarter. Arizona State Retirement System now owns 12,200 shares of the bank's stock worth $1,260,000 after acquiring an additional 212 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Texas Capital Bancshares by 22.6% during the second quarter. Allworth Financial LP now owns 1,320 shares of the bank's stock worth $136,000 after acquiring an additional 243 shares during the period. 96.88% of the stock is currently owned by institutional investors.

Texas Capital Bancshares Stock Down 2.6%

Shares of TCBI stock opened at $90.58 on Thursday. Texas Capital Bancshares, Inc. has a fifty-two week low of $75.41 and a fifty-two week high of $108.92. The firm has a market capitalization of $3.94 billion, a PE ratio of 11.78, a P/E/G ratio of 1.13 and a beta of 0.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.00 and a current ratio of 1.00. The stock's 50-day simple moving average is $97.34 and its 200-day simple moving average is $99.18.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.87 by $0.01. The company had revenue of $335.50 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. Equities analysts expect that Texas Capital Bancshares, Inc. will post 7.41 earnings per share for the current year.

Texas Capital Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, September 1st. Texas Capital Bancshares's payout ratio is 10.40%.

Insider Activity

In other news, insider Ellen Detrich sold 2,045 shares of the company's stock in a transaction on Friday, July 24th. The shares were 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 $753,125.87. This represents a 21.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.91% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TCBI shares. Citigroup lowered their target price on Texas Capital Bancshares from $107.00 to $104.00 and set a "neutral" rating for the company in a report on Tuesday, September 22nd. Wall Street Zen raised shares of Texas Capital Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, August 29th. Stephens reduced their price objective on shares of Texas Capital Bancshares from $116.00 to $112.00 and set an "overweight" rating for the company in a research note on Thursday, July 23rd. Raymond James Financial lowered their target price on Texas Capital Bancshares from $115.00 to $108.00 and set an "outperform" rating for the company in a report on Tuesday. Finally, JPMorgan Chase & Co. dropped their target price on Texas Capital Bancshares from $110.00 to $100.00 and set an "underweight" rating on the stock in a research report on Thursday, October 1st. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.50.

Texas Capital Bancshares Company Profile

Texas Capital Bancshares, Inc is the parent company of Texas Capital Bank, a full-service financial institution headquartered in Dallas, Texas. The bank provides banking and financial services primarily to businesses, entrepreneurs, professionals and high-net-worth individuals.

Its offerings include commercial and corporate banking, lending, treasury and cash-management services, investment banking, capital markets solutions, private wealth management and personal banking products. Texas Capital Bank also serves specialized industries and markets through expertise in areas such as real estate, energy, technology and healthcare.

Founded in 1998, Texas Capital Bank has expanded from its Texas roots to serve clients across the United States, with a particular focus on major Texas business centers.

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