Texas Capital Bancshares, Inc. $TCBI Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its Texas Capital Bancshares stake by 39.5% in the first quarter, selling 27,080 shares and leaving it with 41,432 shares worth about $3.93 million.
• Wall Street sentiment is mixed: several firms adjusted ratings and price targets, but the stock’s overall consensus remains Hold with a target price of $106.17.
• Texas Capital Bancshares reported strong quarterly results, with EPS of $1.58 beating estimates and revenue rising 15.5% year over year; the company also paid a $0.20 quarterly dividend.

New York State Teachers Retirement System decreased its holdings in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 39.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,432 shares of the bank's stock after selling 27,080 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Texas Capital Bancshares worth $3,931,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Texas Capital Bancshares by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,603 shares of the bank's stock worth $2,062,000 after buying an additional 1,206 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Texas Capital Bancshares by 3.7% in the first quarter. Goldman Sachs Group Inc. now owns 560,070 shares of the bank's stock valued at $41,837,000 after buying an additional 20,231 shares in the last quarter. United Services Automobile Association bought a new position in shares of Texas Capital Bancshares in the first quarter valued at $230,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Texas Capital Bancshares by 29.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 107,761 shares of the bank's stock valued at $8,050,000 after acquiring an additional 24,538 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Texas Capital Bancshares by 34.0% during the 2nd quarter. Invesco Ltd. now owns 149,559 shares of the bank's stock valued at $11,875,000 after acquiring an additional 37,982 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company's stock.

Analyst Upgrades and Downgrades

TCBI has been the topic of a number of recent research reports. Fundamental Research set a $110.00 target price on Texas Capital Bancshares in a report on Wednesday, July 1st. Zacks Research downgraded Texas Capital Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Wall Street Zen cut Texas Capital Bancshares from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Piper Sandler boosted their price objective on Texas Capital Bancshares from $96.00 to $100.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Texas Capital Bancshares from $105.00 to $110.00 and gave the company an "underweight" rating in a research note on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $106.17.

Insider Buying and Selling

In other Texas Capital Bancshares news, insider Anna M. Alvarado sold 3,500 shares of Texas Capital Bancshares stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $100.95, for a total transaction of $353,325.00. Following the completion of the sale, the insider owned 23,810 shares of the company's stock, valued at $2,403,619.50. This trade represents a 12.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Rob C. Holmes sold 49,500 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $101.22, for a total transaction of $5,010,390.00. Following the transaction, the chief executive officer owned 167,635 shares in the company, valued at approximately $16,968,014.70. This represents a 22.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 102,100 shares of company stock worth $10,366,023 over the last ninety days. 1.91% of the stock is currently owned by insiders.

Texas Capital Bancshares Stock Down 2.6%

Shares of Texas Capital Bancshares stock opened at $101.47 on Thursday. Texas Capital Bancshares, Inc. has a 1 year low of $75.41 and a 1 year high of $108.92. The company has a market cap of $4.43 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.49 and a beta of 0.67. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $100.41 and a 200 day moving average price of $98.69.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.16. The company had revenue of $323.99 million for the quarter, compared to analysts' expectations of $318.10 million. Texas Capital Bancshares had a return on equity of 10.76% and a net margin of 17.71%.The business's revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. As a group, analysts expect that Texas Capital Bancshares, Inc. will post 7.56 EPS for the current fiscal year.

Texas Capital Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.8%. Texas Capital Bancshares's payout ratio is presently 10.75%.

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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