Harbor Investment Advisory LLC Buys New Stake in Texas Capital Bancshares, Inc. $TCBI

Key Points

• Harbor Investment Advisory LLC has acquired a new position in Texas Capital Bancshares, purchasing 8,265 shares worth approximately $656,000.
• Texas Capital Bancshares reported $1.63 earnings per share for the last quarter, exceeding analysts' expectations of $1.28 and showcasing revenue of $307.46 million.
• Institutional investors own 96.88% of Texas Capital Bancshares, indicating a strong interest from large financial entities in the company.

Harbor Investment Advisory LLC bought a new stake in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,265 shares of the bank's stock, valued at approximately $656,000.

Several other institutional investors also recently bought and sold shares of TCBI. Bank of America Corp DE grew its stake in Texas Capital Bancshares by 25.0% during the fourth quarter. Bank of America Corp DE now owns 198,906 shares of the bank's stock valued at $15,554,000 after acquiring an additional 39,832 shares in the last quarter. Captrust Financial Advisors grew its stake in Texas Capital Bancshares by 10.1% during the fourth quarter. Captrust Financial Advisors now owns 11,046 shares of the bank's stock valued at $864,000 after acquiring an additional 1,010 shares in the last quarter. Deutsche Bank AG grew its stake in Texas Capital Bancshares by 149.8% during the fourth quarter. Deutsche Bank AG now owns 112,168 shares of the bank's stock valued at $8,772,000 after acquiring an additional 67,264 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Texas Capital Bancshares by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,397 shares of the bank's stock valued at $2,064,000 after acquiring an additional 1,011 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Texas Capital Bancshares by 60.6% during the fourth quarter. Millennium Management LLC now owns 385,477 shares of the bank's stock valued at $30,144,000 after purchasing an additional 145,393 shares during the last quarter. 96.88% of the stock is owned by hedge funds and other institutional investors.

Texas Capital Bancshares Stock Down 1.5%

Shares of Texas Capital Bancshares stock traded down $1.36 on Friday, reaching $86.51. The stock had a trading volume of 178,408 shares, compared to its average volume of 483,058. The company has a 50 day moving average price of $85.41 and a 200 day moving average price of $77.46. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.19. Texas Capital Bancshares, Inc. has a 1 year low of $59.37 and a 1 year high of $94.61. The stock has a market capitalization of $3.96 billion, a P/E ratio of 34.34, a P/E/G ratio of 0.70 and a beta of 0.69.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.35. The firm had revenue of $307.46 million for the quarter, compared to the consensus estimate of $298.90 million. Texas Capital Bancshares had a net margin of 6.79% and a return on equity of 10.36%. During the same quarter in the previous year, the firm earned $0.80 EPS. As a group, equities research analysts forecast that Texas Capital Bancshares, Inc. will post 5.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Texas Capital Bancshares from $86.00 to $100.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Wall Street Zen upgraded shares of Texas Capital Bancshares from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Citigroup increased their price objective on shares of Texas Capital Bancshares from $69.00 to $79.00 and gave the company a "sell" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. increased their price objective on shares of Texas Capital Bancshares from $70.00 to $82.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Finally, Barclays increased their price objective on shares of Texas Capital Bancshares from $78.00 to $82.00 and gave the company an "underweight" rating in a research report on Friday, July 18th. Three 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $84.00.

About Texas Capital Bancshares

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.