Texas Capital Bank Wealth Management Services Inc Invests $20.55 Million in Deere & Company $DE

Key Points

• Texas Capital Bank Wealth Management Services purchased 32,395 Deere & Company shares worth approximately $20.55 million in the second quarter, making Deere its 15th-largest holding and 1.1% of its portfolio.
• Analysts maintain a generally positive view, with 14 Buy ratings and nine Holds producing a “Moderate Buy” consensus and an average price target of $641.98, despite several recent target-price cuts.
• Deere exceeded quarterly expectations with $6.55 in earnings per share and $13.37 billion in revenue, while revenue rose 5.4% year over year. The company also pays a quarterly dividend of $1.62 per share, yielding about 1.1% annually.

Texas Capital Bank Wealth Management Services Inc purchased a new stake in Deere & Company (NYSE:DE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 32,395 shares of the industrial products company's stock, valued at approximately $20,549,000. Deere & Company makes up 1.1% of Texas Capital Bank Wealth Management Services Inc's investment portfolio, making the stock its 15th biggest holding.

A number of other institutional investors have also recently made changes to their positions in DE. Timmons Wealth Management LLC acquired a new stake in shares of Deere & Company during the fourth quarter worth about $29,000. McIlrath & Eck LLC purchased a new stake in shares of Deere & Company during the fourth quarter worth $30,000. Portus Wealth Advisors LLC acquired a new position in Deere & Company during the first quarter worth $32,000. Wealth Watch Advisors INC acquired a new position in Deere & Company during the third quarter worth $32,000. Finally, SHP Wealth Management purchased a new stake in Deere & Company in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Raymond James Financial dropped their price objective on shares of Deere & Company from $765.00 to $700.00 and set an "outperform" rating for the company in a report on Friday, May 22nd. Wall Street Zen upgraded Deere & Company from a "sell" rating to a "hold" rating in a report on Sunday, July 5th. Weiss Ratings upgraded Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Bank of America reduced their target price on Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. Finally, Seaport Research Partners set a $570.00 price target on Deere & Company in a research note on Friday. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $641.98.

Deere & Company Price Performance

DE stock opened at $600.08 on Tuesday. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $161.99 billion, a PE ratio of 34.00, a P/E/G ratio of 2.57 and a beta of 0.90. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The business's fifty day moving average price is $603.76 and its 200 day moving average price is $588.84.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. The company had revenue of $13.37 billion during the quarter, compared to analysts' expectations of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.Deere & Company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the business posted $6.64 EPS. On average, sell-side analysts anticipate that Deere & Company will post 18.26 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were issued a dividend of $1.62 per share. The ex-dividend date was Tuesday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. Deere & Company's dividend payout ratio is 36.71%.

Deere & Company 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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