Texas Capital Bank Wealth Management Services Inc Grows Stock Holdings in Deere & Company $DE

Key Points

• Texas Capital Bank Wealth Management boosted its stake in Deere by 16.8% to 27,759 shares valued at about $12.69M, leaving Deere as its 20th-largest holding (1.0% of the portfolio); overall institutional ownership stands at 68.58%.
• Significant insider selling: CEO John C. May II sold 41,472 shares for roughly $20.8M and Cory J. Reed sold 12,000 shares for about $6.12M, leaving insiders with only 0.29% ownership.
• Strong quarterly results and dividend: Deere reported EPS of $2.42 (vs. $1.90 est.) and revenue of $9.61B (vs. $7.50B), and declared a $1.62 quarterly dividend (annualized $6.48, ~1.1% yield).

Texas Capital Bank Wealth Management Services Inc grew its position in Deere & Company (NYSE:DE - Free Report) by 16.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,759 shares of the industrial products company's stock after buying an additional 4,000 shares during the quarter. Deere & Company accounts for 1.0% of Texas Capital Bank Wealth Management Services Inc's holdings, making the stock its 20th largest holding. Texas Capital Bank Wealth Management Services Inc's holdings in Deere & Company were worth $12,693,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its position in Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock valued at $1,927,000 after acquiring an additional 1,278 shares in the last quarter. Schnieders Capital Management LLC. increased its stake in Deere & Company by 7.8% during the second 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. acquired a new stake in shares of Deere & Company during the second quarter worth about $2,399,000. SBI Securities Co. Ltd. lifted its position in shares of Deere & Company by 2.5% during the second quarter. SBI Securities Co. Ltd. now owns 994 shares of the industrial products company's stock worth $505,000 after purchasing an additional 24 shares in the last quarter. Finally, Wealth Alliance LLC boosted its stake in shares of Deere & Company by 18.0% in 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 Buying and Selling at Deere & Company

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on DE shares. Citigroup dropped their price objective on shares of Deere & Company from $675.00 to $625.00 and set a "neutral" rating for the company in a report on Monday, March 9th. Wells Fargo & Company increased their target price on shares of Deere & Company from $543.00 to $750.00 and gave the stock an "overweight" rating in a report on Friday, February 20th. Truist Financial raised their price target on shares of Deere & Company from $612.00 to $793.00 and gave the company a "buy" rating in a research report on Friday, February 20th. Zacks Research upgraded shares of Deere & Company from a "strong sell" rating to a "hold" rating in a research note on Wednesday, December 3rd. Finally, Morgan Stanley upped their price objective on Deere & Company from $560.00 to $730.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Sixteen research 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $644.70.

Deere & Company Stock Down 1.4%

DE stock opened at $577.42 on Friday. The company's 50 day moving average price is $564.21 and its 200 day moving average price is $502.98. The firm has a market capitalization of $155.97 billion, a price-to-earnings ratio of 32.55, a PEG ratio of 2.05 and a beta of 0.96. Deere & Company has a fifty-two week low of $404.42 and a fifty-two week high of $674.19. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.96 and a current ratio of 2.21.

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

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, March 31st. 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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