Oliver Luxxe Assets LLC Sells 13,446 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• Oliver Luxxe Assets LLC cut its Texas Capital Bancshares stake by 46.7%, selling 13,446 shares and retaining 15,355 shares valued at approximately $1.586 million. Institutional investors collectively own 96.88% of the company.
• CEO Rob C. Holmes and insider Ellen Detrich sold shares, contributing to 104,145 insider shares sold worth about $10.57 million over the past three months.
• Texas Capital Bancshares beat quarterly estimates with earnings of $1.88 per share and revenue of $335.5 million, while maintaining a $0.20 quarterly dividend. Analysts’ consensus rating remains “Hold,” with an average price target of $105.83.

Oliver Luxxe Assets LLC trimmed its position in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 46.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,355 shares of the bank's stock after selling 13,446 shares during the quarter. Oliver Luxxe Assets LLC's holdings in Texas Capital Bancshares were worth $1,586,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 buying an additional 1,206 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of 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. United Services Automobile Association acquired a new stake in shares of Texas Capital Bancshares in the 1st quarter worth about $230,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Texas Capital Bancshares by 29.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 107,761 shares of the bank's stock worth $8,050,000 after acquiring an additional 24,538 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Texas Capital Bancshares by 34.0% in the 2nd quarter. Invesco Ltd. now owns 149,559 shares of the bank's stock valued at $11,875,000 after acquiring an additional 37,982 shares in the last quarter. Institutional investors and hedge funds own 96.88% of the company's stock.

Insider Activity at Texas Capital Bancshares

In other news, CEO Rob C. Holmes sold 49,500 shares of Texas Capital Bancshares stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $101.22, for a total value of $5,010,390.00. Following the completion of the transaction, the chief executive officer owned 167,635 shares in the company, valued at $16,968,014.70. This trade represents a 22.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ellen Detrich sold 2,045 shares of the business's stock in a transaction that occurred 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 directly owned 7,529 shares in the company, valued at approximately $753,125.87. This trade represents a 21.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 104,145 shares of company stock worth $10,570,584. Company insiders own 1.91% of the company's stock.

Texas Capital Bancshares Stock Performance

Shares of TCBI stock opened at $99.33 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15. The firm has a market cap of $4.32 billion, a P/E ratio of 12.92, a PEG ratio of 1.21 and a beta of 0.68. The company has a 50 day moving average of $101.45 and a 200-day moving average of $99.74. Texas Capital Bancshares, Inc. has a 12-month low of $75.41 and a 12-month high of $108.92.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.01. Texas Capital Bancshares had a return on equity of 10.86% and a net margin of 17.90%.The business had revenue of $335.50 million during the quarter, compared to analyst estimates of $333.37 million. During the same period in the prior year, the company earned $1.63 earnings per share. Texas Capital Bancshares's revenue was up 9.1% compared to the same quarter last year. Sell-side analysts anticipate that Texas Capital Bancshares, Inc. will post 7.39 earnings per share for the current year.

Texas Capital Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.80 annualized dividend and a yield of 0.8%. Texas Capital Bancshares's dividend payout ratio (DPR) is 10.40%.

Analysts Set New Price Targets

Several brokerages have recently commented on TCBI. Fundamental Research set a $110.00 price objective on Texas Capital Bancshares in a research note on Wednesday, July 1st. Royal Bank Of Canada increased their price target on Texas Capital Bancshares from $110.00 to $114.00 and gave the company a "sector perform" rating in a research report on Friday, April 24th. JPMorgan Chase & Co. raised their price objective on Texas Capital Bancshares from $105.00 to $110.00 and gave the company an "underweight" rating in a research note on Wednesday, July 1st. Barclays raised shares of Texas Capital Bancshares from an "underweight" rating to an "equal weight" rating and set a $100.00 price objective on the stock in a report on Monday, August 3rd. Finally, Citigroup increased their target price on shares of Texas Capital Bancshares from $105.00 to $107.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $105.83.

Texas Capital Bancshares 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.

Want to see what other hedge funds are holding TCBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source