Phocas Financial Corp. Sells 6,353 Shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI)

Key Points

• Phocas Financial Corp. has reduced its stake in Texas Capital Bancshares by 5.5%, owning approximately $8.22 million worth of the bank's stock, making it their 19th largest holding.
• Texas Capital Bancshares reported an EPS of $1.63 for the last quarter, exceeding analysts' estimates, with revenue amounting to $307.46 million.
• Institutional investors own 96.88% of Texas Capital Bancshares' stock, indicating strong interest from larger entities in the banking sector.

Phocas Financial Corp. reduced its position in Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,002 shares of the bank's stock after selling 6,353 shares during the period. Texas Capital Bancshares comprises about 1.3% of Phocas Financial Corp.'s holdings, making the stock its 19th largest position. Phocas Financial Corp. owned approximately 0.24% of Texas Capital Bancshares worth $8,217,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TCBI. Raymond James Financial Inc. bought a new stake in shares of Texas Capital Bancshares in the 4th quarter worth approximately $784,000. LPL Financial LLC increased its holdings in Texas Capital Bancshares by 4.6% during the 4th quarter. LPL Financial LLC now owns 8,776 shares of the bank's stock valued at $686,000 after purchasing an additional 382 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Texas Capital Bancshares by 75.5% during the 4th quarter. JPMorgan Chase & Co. now owns 317,292 shares of the bank's stock valued at $24,812,000 after purchasing an additional 136,507 shares in the last quarter. Norges Bank acquired a new stake in shares of Texas Capital Bancshares in the 4th quarter valued at $42,050,000. Finally, Pictet Asset Management Holding SA increased its stake in shares of Texas Capital Bancshares by 10.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 6,547 shares of the bank's stock valued at $512,000 after buying an additional 613 shares during the period. 96.88% of the stock is owned by institutional investors and hedge funds.

Texas Capital Bancshares Stock Down 1.3%

TCBI traded down $1.05 during trading hours on Thursday, hitting $79.52. 54,091 shares of the company's stock were exchanged, compared to its average volume of 495,964. 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, Inc. has a 12-month low of $58.03 and a 12-month high of $94.61. The firm has a market cap of $3.64 billion, a P/E ratio of 31.52, a price-to-earnings-growth ratio of 0.68 and a beta of 0.65. The firm has a 50 day moving average of $81.07 and a 200 day moving average of $76.39.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.35. Texas Capital Bancshares had a net margin of 6.79% and a return on equity of 10.36%. The business had revenue of $307.46 million during the quarter, compared to the consensus estimate of $298.90 million. During the same quarter last year, the firm posted $0.80 EPS. Analysts predict that Texas Capital Bancshares, Inc. will post 5.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TCBI has been the subject of a number of research analyst reports. Raymond James Financial decreased their target price on Texas Capital Bancshares from $87.00 to $80.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Piper Sandler dropped their price objective on Texas Capital Bancshares from $84.00 to $74.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Hovde Group increased their target price on Texas Capital Bancshares from $75.00 to $95.00 and gave the stock a "market perform" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. increased their price target on Texas Capital Bancshares from $70.00 to $82.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Finally, Stephens reduced their target price on Texas Capital Bancshares from $95.00 to $90.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Texas Capital Bancshares currently has a consensus rating of "Hold" and an average price target of $83.50.

Insiders Place Their Bets

In other news, Director Robert W. Stallings purchased 10,500 shares of Texas Capital Bancshares stock in a transaction dated Wednesday, June 11th. The stock was bought at an average price of $20.28 per share, with a total value of $212,940.00. Following the completion of the acquisition, the director owned 60,000 shares in the company, valued at $1,216,800. The trade was a 21.21% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.72% of the stock is currently owned by insiders.

Texas Capital Bancshares Profile

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.