Phocas Financial Corp. Has $8.22 Million Stock Holdings in 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 stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 110,002 shares of the bank's stock after selling 6,353 shares during the quarter. Texas Capital Bancshares comprises 1.3% of Phocas Financial Corp.'s holdings, making the stock its 19th largest holding. Phocas Financial Corp. owned about 0.24% of Texas Capital Bancshares worth $8,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Texas Capital Bancshares in the 4th quarter worth approximately $42,050,000. Azora Capital LP bought a new position in Texas Capital Bancshares during the fourth quarter worth $25,232,000. SG Americas Securities LLC acquired a new position in Texas Capital Bancshares in the first quarter valued at $16,938,000. Millennium Management LLC boosted 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 acquiring an additional 145,393 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Texas Capital Bancshares by 22.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 744,833 shares of the bank's stock valued at $58,246,000 after acquiring an additional 138,734 shares during the last quarter. 96.88% of the stock is owned by institutional investors and hedge funds.

Texas Capital Bancshares Stock Performance

Shares of Texas Capital Bancshares stock opened at $80.92 on Friday. Texas Capital Bancshares, Inc. has a one year low of $56.24 and a one year high of $94.61. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 32.11, a PEG ratio of 0.74 and a beta of 0.65. The business has a 50-day simple moving average of $80.52 and a 200 day simple moving average of $76.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.00 and a quick ratio of 1.00.

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

Wall Street Analyst Weigh In

TCBI has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on Texas Capital Bancshares from $69.00 to $79.00 and gave the company a "sell" rating in a research note on Friday, July 18th. Raymond James Financial dropped their price target on Texas Capital Bancshares from $87.00 to $80.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Wall Street Zen upgraded Texas Capital Bancshares from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. DA Davidson lowered their price objective on shares of Texas Capital Bancshares from $81.00 to $76.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Stephens cut their target price on shares of Texas Capital Bancshares from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Texas Capital Bancshares currently has a consensus rating of "Hold" and an average target price of $83.50.

Insider Buying and Selling

In related news, Director Robert W. Stallings acquired 10,500 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was purchased at an average cost of $20.28 per share, with a total value of $212,940.00. Following the acquisition, the director owned 60,000 shares of the company's stock, valued at approximately $1,216,800. This trade represents a 21.21% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders purchased 17,800 shares of company stock worth $357,400. Insiders own 1.72% of the company's stock.

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.

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