Intech Investment Management LLC Sells 103,499 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• Intech Investment Management sharply reduced its Texas Capital Bancshares stake by 75.2% in the fourth quarter, selling 103,499 shares and ending with 34,088 shares valued at about $3.09 million.
• Insider buying was notable, with directors Paola M. Arbour and Robert W. Stallings purchasing shares recently; insiders have bought 26,500 shares worth $670,700 over the last 90 days.
• Texas Capital Bancshares reported better-than-expected quarterly results, including EPS of $1.58 versus the $1.42 estimate, and it announced a quarterly dividend of $0.20 per share payable June 15.

Intech Investment Management LLC cut its stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 75.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,088 shares of the bank's stock after selling 103,499 shares during the period. Intech Investment Management LLC owned 0.07% of Texas Capital Bancshares worth $3,086,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TCBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Texas Capital Bancshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,603 shares of the bank's stock valued at $2,062,000 after acquiring an additional 1,206 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Texas Capital Bancshares by 3.7% in the first quarter. Goldman Sachs Group Inc. now owns 560,070 shares of the bank's stock valued at $41,837,000 after acquiring an additional 20,231 shares during the last quarter. United Services Automobile Association acquired a new position in Texas Capital Bancshares in the first quarter valued at approximately $230,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Texas Capital Bancshares by 29.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 107,761 shares of the bank's stock valued at $8,050,000 after buying an additional 24,538 shares during the period. Finally, Invesco Ltd. lifted its stake in Texas Capital Bancshares by 34.0% in the second quarter. Invesco Ltd. now owns 149,559 shares of the bank's stock valued at $11,875,000 after buying an additional 37,982 shares during the period. 96.88% of the stock is currently owned by institutional investors.

Insider Activity at Texas Capital Bancshares

In other news, Director Paola M. Arbour acquired 1,000 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was purchased 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 $610,396.50. The trade was a 17.63% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert W. Stallings acquired 5,500 shares of the firm's stock in a transaction dated Friday, March 6th. The shares were purchased at an average price of $22.80 per share, with a total value of $125,400.00. Following the acquisition, the director owned 175,087 shares of the company's stock, valued at approximately $3,991,983.60. This represents a 3.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 26,500 shares of company stock valued at $670,700. Corporate insiders own 1.91% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on TCBI shares. Citigroup boosted their price target on Texas Capital Bancshares from $88.00 to $96.00 and gave the company a "sell" rating in a research note on Tuesday, April 28th. 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. Royal Bank Of Canada boosted their price target on Texas Capital Bancshares from $110.00 to $114.00 and gave the company a "sector perform" rating in a research note on Friday, April 24th. Finally, Piper Sandler boosted 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. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Texas Capital Bancshares has an average rating of "Hold" and a consensus price target of $104.09.

Texas Capital Bancshares Trading Up 1.8%

NASDAQ TCBI opened at $99.74 on Wednesday. The company has a market cap of $4.36 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 1.39 and a beta of 0.67. Texas Capital Bancshares, Inc. has a 52 week low of $70.81 and a 52 week high of $108.92. The business has a 50 day moving average price of $98.82 and a 200-day moving average price of $96.59. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.27.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.42 by $0.16. The firm had revenue of $323.99 million during 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%.The company's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 earnings per share. As a group, equities analysts expect that Texas Capital Bancshares, Inc. will post 7.63 earnings per share 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. The ex-dividend date is Monday, June 1st. This represents a $0.80 annualized dividend and a dividend yield of 0.8%. Texas Capital Bancshares's payout ratio is currently 10.75%.

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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