Alliancebernstein L.P. Sells 123,004 Shares of Texas Capital Bancshares, Inc. $TCBI

Key Points

• Alliancebernstein L.P. reduced its stake in Texas Capital Bancshares by 7.6%, owning approximately 1.49 million shares valued at about $111 million after the sale.
• The bank reported earnings per share of $1.63 for the last quarter, surpassing analyst expectations of $1.28, along with a revenue of $307.46 million.
• Recent analyst updates have adjusted Texas Capital's price targets, with estimates now ranging from $82.00 to $100.00 based on various ratings by multiple financial institutions.

Alliancebernstein L.P. cut its holdings in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 7.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,491,585 shares of the bank's stock after selling 123,004 shares during the quarter. Alliancebernstein L.P. owned about 3.25% of Texas Capital Bancshares worth $111,421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. UMB Bank n.a. raised its stake in Texas Capital Bancshares by 1,089.8% during the 1st quarter. UMB Bank n.a. now owns 583 shares of the bank's stock valued at $44,000 after purchasing an additional 534 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Texas Capital Bancshares by 127.0% during the 1st quarter. GAMMA Investing LLC now owns 831 shares of the bank's stock worth $62,000 after purchasing an additional 465 shares during the period. State of Wyoming bought a new position in shares of Texas Capital Bancshares during the 1st quarter worth about $70,000. Bayforest Capital Ltd raised its position in shares of Texas Capital Bancshares by 69.7% during the first quarter. Bayforest Capital Ltd now owns 2,309 shares of the bank's stock valued at $172,000 after buying an additional 948 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new stake in shares of Texas Capital Bancshares in the first quarter valued at about $204,000. Institutional investors and hedge funds own 96.88% of the company's stock.

Texas Capital Bancshares Price Performance

Shares of NASDAQ:TCBI traded up $0.12 on Thursday, hitting $87.35. The stock had a trading volume of 368,783 shares, compared to its average volume of 418,207. The firm's 50 day moving average price is $85.44 and its 200-day moving average price is $77.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.00 and a current ratio of 1.00. Texas Capital Bancshares, Inc. has a twelve month low of $59.37 and a twelve month high of $94.61. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 34.66, a price-to-earnings-growth ratio of 0.72 and a beta of 0.69.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.35. The business had revenue of $307.46 million during the quarter, compared to analysts' expectations 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 last year, the company posted $0.80 EPS. On average, equities research analysts predict that Texas Capital Bancshares, Inc. will post 5.84 earnings per share for the current year.

Analysts Set New Price Targets

TCBI has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on Texas Capital Bancshares from $70.00 to $82.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. 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 report on Friday, July 18th. Keefe, Bruyette & Woods upped their target price on Texas Capital Bancshares from $86.00 to $100.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. 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 note on Wednesday, May 21st. Finally, Barclays increased their price objective on shares of Texas Capital Bancshares from $78.00 to $82.00 and gave the company an "underweight" rating in a research note on Friday, July 18th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $84.00.

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.