Texas Capital Bancshares Inc TX Sells 3,522 Shares of Deere & Company $DE

Key Points

• Texas Capital Bancshares cut its stake in Deere by 38.6% in Q3, selling 3,522 shares and leaving 5,601 shares worth $2.56 million (1.0% of its portfolio, the fund's 12th largest holding).
• Significant insider selling occurred recently: Cory J. Reed sold 12,000 shares at about $510 each and CEO John C. May II sold 41,472 shares at roughly $501.49, materially reducing their holdings.
• Deere beat estimates with Q results of $2.42 EPS (vs. $1.90) and $9.61B revenue (vs. $7.50B), and multiple analysts have raised price targets into the $700s, leaving a consensus rating of "Moderate Buy" and an average target of $644.70.

Texas Capital Bancshares Inc TX reduced its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 38.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,601 shares of the industrial products company's stock after selling 3,522 shares during the period. Deere & Company comprises 1.0% of Texas Capital Bancshares Inc TX's portfolio, making the stock its 12th largest holding. Texas Capital Bancshares Inc TX's holdings in Deere & Company were worth $2,561,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DE. Brighton Jones LLC increased its stake in shares of Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock worth $1,927,000 after purchasing an additional 1,278 shares in the last quarter. Schnieders Capital Management LLC. raised its holdings in Deere & Company by 7.8% in the 2nd quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company's stock worth $1,056,000 after purchasing an additional 150 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Deere & Company during the second quarter valued at $2,399,000. SBI Securities Co. Ltd. lifted its position in Deere & Company by 2.5% during the second quarter. SBI Securities Co. Ltd. now owns 994 shares of the industrial products company's stock valued at $505,000 after purchasing an additional 24 shares in the last quarter. Finally, Wealth Alliance LLC grew its holdings in Deere & Company by 18.0% during the second quarter. Wealth Alliance LLC now owns 569 shares of the industrial products company's stock valued at $289,000 after purchasing an additional 87 shares during the period. Hedge funds and other institutional investors own 68.58% of the company's stock.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 12,000 shares of the firm's stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the completion of the transaction, the insider directly owned 20,792 shares of the company's stock, valued at approximately $10,603,920. This trade represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John C. May II sold 41,472 shares of the firm's stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $501.49, for a total transaction of $20,797,793.28. Following the transaction, the chief executive officer directly owned 117,970 shares of the company's stock, valued at $59,160,775.30. The trade was a 26.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on DE shares. Morgan Stanley upped their price target on Deere & Company from $560.00 to $730.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Oppenheimer reiterated an "outperform" rating and set a $715.00 price objective on shares of Deere & Company in a research note on Friday, February 20th. Royal Bank Of Canada increased their target price on shares of Deere & Company from $541.00 to $736.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. JPMorgan Chase & Co. decreased their target price on shares of Deere & Company from $480.00 to $460.00 and set a "neutral" rating on the stock in a research note on Friday, December 19th. Finally, Argus lifted their price target on shares of Deere & Company from $540.00 to $700.00 and gave the company a "buy" rating in a report on Tuesday, March 3rd. Sixteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $644.70.

Deere & Company Stock Performance

NYSE DE opened at $577.42 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.21 and a debt-to-equity ratio of 1.59. Deere & Company has a twelve month low of $404.42 and a twelve month high of $674.19. The business has a 50-day moving average price of $564.21 and a 200-day moving average price of $502.98. The firm has a market cap of $155.97 billion, a price-to-earnings ratio of 32.55, a price-to-earnings-growth ratio of 2.05 and a beta of 0.96.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, February 19th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.52. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.The company had revenue of $9.61 billion for the quarter, compared to the consensus estimate of $7.50 billion. During the same quarter last year, the company earned $3.19 EPS. The firm's quarterly revenue was up 17.5% on a year-over-year basis. As a group, equities research analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st will be given a dividend of $1.62 per share. The ex-dividend date is Tuesday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. Deere & Company's dividend payout ratio (DPR) is presently 36.53%.

Deere & Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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