Geode Capital Management LLC Buys 33,709 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• Geode Capital Management increased its stake in Texas Capital Bancshares by 2.9% in the fourth quarter, adding 33,709 shares and bringing its total holding to 1,197,494 shares worth about $108.4 million.
• Texas Capital Bancshares beat earnings expectations in its latest quarterly report, posting EPS of $1.58 versus the $1.42 consensus and revenue of $323.99 million, up 15.5% year over year.
• The bank declared a quarterly dividend of $0.20 per share, payable June 15, and analysts currently rate the stock a consensus Hold with a target price of $104.09.

Geode Capital Management LLC lifted its stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 2.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,197,494 shares of the bank's stock after purchasing an additional 33,709 shares during the period. Geode Capital Management LLC owned 2.62% of Texas Capital Bancshares worth $108,436,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TCBI. AQR Capital Management LLC lifted its holdings in Texas Capital Bancshares by 25.1% during the third quarter. AQR Capital Management LLC now owns 1,919,194 shares of the bank's stock worth $162,229,000 after acquiring an additional 384,748 shares in the last quarter. Azora Capital LP lifted its holdings in Texas Capital Bancshares by 11.5% during the third quarter. Azora Capital LP now owns 1,036,613 shares of the bank's stock worth $87,625,000 after acquiring an additional 106,599 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Texas Capital Bancshares by 2.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 847,583 shares of the bank's stock worth $76,740,000 after acquiring an additional 18,258 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Texas Capital Bancshares by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 560,070 shares of the bank's stock worth $41,837,000 after acquiring an additional 20,231 shares in the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of Texas Capital Bancshares by 17.2% in the 4th quarter. William Blair Investment Management LLC now owns 468,000 shares of the bank's stock valued at $42,373,000 after purchasing an additional 68,539 shares during the period. 96.88% of the stock is currently owned by institutional investors.

Texas Capital Bancshares Price Performance

NASDAQ:TCBI opened at $101.69 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.01. The stock's 50-day simple moving average is $99.36 and its 200 day simple moving average is $96.93. The company has a market cap of $4.44 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.45 and a beta of 0.67. Texas Capital Bancshares, Inc. has a 52-week low of $73.27 and a 52-week high of $108.92.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.16. The business had revenue of $323.99 million for the quarter, compared to the consensus estimate of $318.10 million. Texas Capital Bancshares had a return on equity of 10.76% and a net margin of 17.71%.Texas Capital Bancshares's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share. As a group, sell-side analysts forecast that Texas Capital Bancshares, Inc. will post 7.63 EPS for the current fiscal year.

Texas Capital Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, June 1st. Texas Capital Bancshares's payout ratio is currently 10.75%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler lifted their price target on Texas Capital Bancshares from $96.00 to $100.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Zacks Research downgraded Texas Capital Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. Wall Street Zen raised Texas Capital Bancshares from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. JPMorgan Chase & Co. dropped their price target on Texas Capital Bancshares from $105.00 to $100.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 1st. Finally, Citigroup lifted their target price on Texas Capital Bancshares from $88.00 to $96.00 and gave the company a "sell" rating in a research report on Tuesday, April 28th. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $104.09.

Insider Activity

In other news, Director Paola M. Arbour acquired 1,000 shares of Texas Capital Bancshares stock in a transaction dated Wednesday, March 11th. The stock was bought at an average price of $91.50 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the director directly owned 6,671 shares in the company, valued at approximately $610,396.50. The trade was a 17.63% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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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