Texas Capital Bancshares, Inc. $TCBI Position Cut by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC has reduced its stake in Texas Capital Bancshares by 23.5%, now owning 67,466 shares valued at $5.04 million.
• Texas Capital Bancshares reported an earnings per share (EPS) of $1.63 for the last quarter, surpassing analysts' expectations of $1.28.
• Research analysts have varied ratings for the stock, with a current average rating of "Hold" and an average price target of $83.50.

Rafferty Asset Management LLC decreased its holdings in Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 23.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 67,466 shares of the bank's stock after selling 20,709 shares during the period. Rafferty Asset Management LLC owned approximately 0.15% of Texas Capital Bancshares worth $5,040,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TCBI. T. Rowe Price Investment Management Inc. grew its position in Texas Capital Bancshares by 0.8% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,332,471 shares of the bank's stock valued at $248,936,000 after acquiring an additional 26,786 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Texas Capital Bancshares by 9.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 813,028 shares of the bank's stock valued at $60,733,000 after acquiring an additional 68,195 shares in the last quarter. Northern Trust Corp grew its position in Texas Capital Bancshares by 12.0% in the fourth quarter. Northern Trust Corp now owns 660,478 shares of the bank's stock valued at $51,649,000 after acquiring an additional 70,804 shares in the last quarter. Wellington Management Group LLP grew its position in Texas Capital Bancshares by 2.5% in the first quarter. Wellington Management Group LLP now owns 591,488 shares of the bank's stock valued at $44,184,000 after acquiring an additional 14,169 shares in the last quarter. Finally, Millennium Management LLC grew its position in Texas Capital Bancshares by 60.6% in 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 in the last quarter. Hedge funds and other institutional investors own 96.88% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on TCBI shares. Keefe, Bruyette & Woods increased their price objective on shares of Texas Capital Bancshares from $86.00 to $100.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Barclays raised their price target on shares of Texas Capital Bancshares from $78.00 to $82.00 and gave the stock an "underweight" rating in a research report on Friday, July 18th. Jefferies Financial Group set a $80.00 price target on shares of Texas Capital Bancshares and gave the stock a "hold" rating in a research report on Wednesday, May 21st. JPMorgan Chase & Co. raised their price target on shares of 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, Hovde Group raised their price target on shares of Texas Capital Bancshares from $75.00 to $95.00 and gave the stock a "market perform" rating in a research report on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Texas Capital Bancshares currently has a consensus rating of "Hold" and an average target price of $83.50.

Texas Capital Bancshares Stock Performance

Texas Capital Bancshares stock traded down $0.06 during mid-day trading on Friday, reaching $86.57. The company's stock had a trading volume of 532,479 shares, compared to its average volume of 433,939. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 34.35, a PEG ratio of 0.71 and a beta of 0.69. The business has a 50 day moving average price of $84.27 and a 200-day moving average price of $76.78. 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 twelve month low of $59.37 and a twelve month high of $94.61.

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

Insider Buying and Selling

In other Texas Capital Bancshares 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 price of $20.28 per share, with a total value of $212,940.00. Following the completion of the acquisition, the director directly owned 60,000 shares in the company, valued at $1,216,800. This trade represents a 21.21% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.72% of the stock is currently owned by corporate insiders.

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.