Penn Capital Management Company LLC Sells 11,675 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• Penn Capital sold 11,675 shares, reducing its stake in Texas Capital Bancshares by 5.5% to 199,803 shares, a position that represents 1.3% of Penn Capital’s portfolio and about 0.44% of TCBI (~$16.93M).
• Quarterly results beat expectations: TCBI reported $2.08 EPS (vs. $1.78 est.) and $327.48M revenue, with a market cap of $4.04B, P/E of 13.45 and a consensus analyst price target of $101.17 (average rating: Hold).
• Insiders buying and heavy institutional ownership: insiders purchased 49,500 shares (~$1.25M) over the last three months, while institutions own 96.88% of the stock.

Penn Capital Management Company LLC reduced its stake in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 5.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,803 shares of the bank's stock after selling 11,675 shares during the quarter. Texas Capital Bancshares accounts for 1.3% of Penn Capital Management Company LLC's portfolio, making the stock its 20th largest position. Penn Capital Management Company LLC owned about 0.44% of Texas Capital Bancshares worth $16,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in TCBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Texas Capital Bancshares by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,603 shares of the bank's stock valued at $2,062,000 after purchasing an additional 1,206 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Texas Capital Bancshares by 3.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 560,070 shares of the bank's stock valued at $41,837,000 after purchasing an additional 20,231 shares during the period. United Services Automobile Association bought a new position in shares of Texas Capital Bancshares in the 1st quarter worth $230,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Texas Capital Bancshares by 29.5% during 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 worth $8,050,000 after purchasing an additional 24,538 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey increased its holdings in Texas Capital Bancshares by 6.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,468 shares of the bank's stock valued at $831,000 after purchasing an additional 593 shares during the last quarter. 96.88% of the stock is owned by institutional investors.

Texas Capital Bancshares Price Performance

TCBI stock opened at $91.47 on Wednesday. The stock has a market cap of $4.04 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 0.44 and a beta of 0.66. The stock has a 50-day moving average price of $98.73 and a two-hundred day moving average price of $91.61. Texas Capital Bancshares, Inc. has a 1 year low of $59.37 and a 1 year high of $108.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.19.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $2.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.30. The business had revenue of $327.48 million during the quarter, compared to the consensus estimate of $324.09 million. Texas Capital Bancshares had a return on equity of 10.05% and a net margin of 16.52%.During the same period last year, the company earned $1.43 earnings per share. Equities analysts forecast that Texas Capital Bancshares, Inc. will post 5.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Laura L. Whitley purchased 500 shares of the company's stock in a transaction that occurred on Monday, January 26th. The stock was acquired at an average cost of $97.51 per share, with a total value of $48,755.00. Following the acquisition, the director owned 7,961 shares in the company, valued at approximately $776,277.11. This trade represents a 6.70% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert W. Stallings acquired 5,500 shares of the firm's stock in a transaction on Friday, March 6th. The stock was purchased at an average cost of $22.80 per share, for a total transaction of $125,400.00. Following the completion of the acquisition, the director owned 175,087 shares in the company, valued at approximately $3,991,983.60. This represents a 3.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 49,500 shares of company stock valued at $1,252,855. 1.72% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TCBI. Hovde Group upped their price target on Texas Capital Bancshares from $93.00 to $102.00 and gave the company a "market perform" rating in a research note on Tuesday, January 27th. Citigroup increased their target price on shares of Texas Capital Bancshares from $75.00 to $88.00 and gave the stock a "sell" rating in a report on Monday, January 26th. Raymond James Financial boosted their price target on shares of Texas Capital Bancshares from $98.00 to $105.00 and gave the company an "outperform" rating in a report on Wednesday, January 7th. Stephens raised their price objective on Texas Capital Bancshares from $111.00 to $114.00 and gave the stock an "overweight" rating in a research note on Friday, January 23rd. Finally, Piper Sandler lifted their target price on Texas Capital Bancshares from $86.00 to $96.00 and gave the stock a "neutral" rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $101.17.

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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