Texas Capital Bancshares, Inc. $TCBI Shares Sold by Penn Capital Management Company LLC

Key Points

• Penn Capital Management trimmed its Texas Capital Bancshares stake by 8.9% in the fourth quarter, though it still held 182,055 shares valued at about $16.5 million. Institutional ownership remains very high, with funds and hedge funds owning 96.88% of the stock.
• Texas Capital Bancshares reported stronger-than-expected quarterly results, posting EPS of $1.58 versus the $1.42 consensus and revenue of $323.99 million, up 15.5% year over year. Analysts now expect full-year EPS of 7.63.
• The bank also announced a quarterly dividend of $0.20 per share, payable June 15, which works out to an annualized yield of 0.8%. Meanwhile, insider buying and mixed analyst opinions left the stock with a consensus rating of “Hold” and an average price target of $104.09.

Penn Capital Management Company LLC reduced its position in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 8.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 182,055 shares of the bank's stock after selling 17,748 shares during the period. Texas Capital Bancshares comprises approximately 1.3% of Penn Capital Management Company LLC's holdings, making the stock its 25th largest holding. Penn Capital Management Company LLC owned about 0.40% of Texas Capital Bancshares worth $16,525,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TCBI. AQR Capital Management LLC increased its position in Texas Capital Bancshares by 25.1% in the third quarter. AQR Capital Management LLC now owns 1,919,194 shares of the bank's stock worth $162,229,000 after buying an additional 384,748 shares during the period. Balyasny Asset Management L.P. increased its position in Texas Capital Bancshares by 2,707.2% in the third quarter. Balyasny Asset Management L.P. now owns 348,936 shares of the bank's stock worth $29,496,000 after buying an additional 336,506 shares during the period. Algert Global LLC increased its position in Texas Capital Bancshares by 731.5% in the third quarter. Algert Global LLC now owns 294,840 shares of the bank's stock worth $24,923,000 after buying an additional 259,380 shares during the period. Jupiter Asset Management Ltd. increased its position in Texas Capital Bancshares by 148.8% in the third quarter. Jupiter Asset Management Ltd. now owns 379,331 shares of the bank's stock worth $32,065,000 after buying an additional 226,872 shares during the period. Finally, UBS Group AG increased its position in Texas Capital Bancshares by 56.8% in the third quarter. UBS Group AG now owns 403,692 shares of the bank's stock worth $34,124,000 after buying an additional 146,181 shares during the period. 96.88% of the stock is owned by institutional investors and hedge funds.

Texas Capital Bancshares Trading Up 1.0%

Shares of TCBI stock opened at $100.37 on Wednesday. The stock has a 50-day simple moving average of $98.24 and a 200 day simple moving average of $96.24. Texas Capital Bancshares, Inc. has a fifty-two week low of $70.11 and a fifty-two week high of $108.92. The stock has a market capitalization of $4.38 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.41 and a beta of 0.68. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.27.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.42 by $0.16. Texas Capital Bancshares had a return on equity of 10.76% and a net margin of 17.71%.The business had revenue of $323.99 million during the quarter, compared to analyst estimates of $318.10 million. During the same quarter last year, the company posted $0.92 EPS. Texas Capital Bancshares's revenue for the quarter was up 15.5% on a year-over-year basis. On average, sell-side analysts expect that Texas Capital Bancshares, Inc. will post 7.63 earnings per share for the current fiscal year.

Texas Capital Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.20 per share. The ex-dividend date is Monday, June 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.8%.

Insider Transactions at Texas Capital Bancshares

In other news, Director Robert W. Stallings purchased 5,500 shares of the business's stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $22.80 per share, with a total value of $125,400.00. Following the purchase, the director directly owned 175,087 shares of the company's stock, valued at approximately $3,991,983.60. This trade represents a 3.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paola M. Arbour purchased 1,000 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $91.50 per share, with a total value of $91,500.00. Following the completion of the purchase, the director directly owned 6,671 shares in the company, valued at approximately $610,396.50. This represents a 17.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 26,500 shares of company stock valued at $670,700 over the last 90 days. Corporate insiders own 1.91% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TCBI shares. Hovde Group increased their target price on Texas Capital Bancshares from $93.00 to $102.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 27th. Citigroup increased their target price on Texas Capital Bancshares from $88.00 to $96.00 and gave the stock a "sell" rating in a research report on Tuesday, April 28th. Wall Street Zen raised Texas Capital Bancshares from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Weiss Ratings reissued a "buy (b-)" rating on shares of Texas Capital Bancshares in a report on Wednesday, January 28th. Finally, Royal Bank Of Canada raised their price target on Texas Capital Bancshares from $110.00 to $114.00 and gave the company a "sector perform" rating in a report on Friday, April 24th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $104.09.

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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