The Manufacturers Life Insurance Company Buys Shares of 40,941 Texas Capital Bancshares, Inc. $TCBI

Key Points

• The Manufacturers Life Insurance Company purchased 40,941 shares of Texas Capital Bancshares valued at approximately $4.23 million, while other institutions also initiated positions. Institutional investors and hedge funds now own 96.88% of the company.
• Texas Capital Bancshares exceeded quarterly expectations with EPS of $1.88 versus the $1.87 consensus and revenue of $335.5 million, up 9.1% year over year. The company announced a quarterly dividend of $0.20 per share, representing a 0.8% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $105.83, compared with the stock’s reported price of $95.67. Recent insider activity was negative, with insiders selling 104,145 shares worth approximately $10.57 million over the quarter.

The Manufacturers Life Insurance Company purchased a new position in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 40,941 shares of the bank's stock, valued at approximately $4,228,000. The Manufacturers Life Insurance Company owned approximately 0.09% of Texas Capital Bancshares at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Cibc World Market Inc. bought a new position in shares of Texas Capital Bancshares in the second quarter valued at approximately $7,398,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Texas Capital Bancshares during the second quarter worth approximately $4,496,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Texas Capital Bancshares in the second quarter worth approximately $75,429,000. Commerce Bank acquired a new stake in Texas Capital Bancshares in the second quarter worth approximately $582,000. Finally, Quantbot Technologies LP bought a new position in Texas Capital Bancshares during the 2nd quarter valued at $5,586,000. 96.88% of the stock is owned by institutional investors and hedge funds.

Texas Capital Bancshares Price Performance

NASDAQ TCBI opened at $95.67 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.15. 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 $4.16 billion, a PE ratio of 12.44, a PEG ratio of 1.18 and a beta of 0.66. The stock's 50-day moving average price is $101.01 and its two-hundred day moving average price is $99.41.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.88 EPS for the quarter, topping the consensus estimate of $1.87 by $0.01. The company had revenue of $335.50 million during the quarter, compared to analysts' expectations of $333.37 million. Texas Capital Bancshares had a net margin of 17.90% and a return on equity of 10.86%. The business's revenue for the quarter was up 9.1% on a year-over-year basis. During the same period last year, the company posted $1.63 earnings per share. On average, analysts predict that Texas Capital Bancshares, Inc. will post 7.39 EPS for the current year.

Texas Capital Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Capital Bancshares's payout ratio is 10.40%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TCBI. TD Cowen dropped their price objective on Texas Capital Bancshares from $109.00 to $106.00 and set a "hold" rating on the stock in a research note on Monday, July 27th. Barclays raised Texas Capital Bancshares from an "underweight" rating to an "equal weight" rating and set a $100.00 target price for the company in a research note on Monday, August 3rd. JPMorgan Chase & Co. lifted their target price on Texas Capital Bancshares from $105.00 to $110.00 and gave the stock an "underweight" rating in a report on Wednesday, July 1st. Citigroup boosted their price target on shares of Texas Capital Bancshares from $105.00 to $107.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Texas Capital Bancshares in a report on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Texas Capital Bancshares has a consensus rating of "Hold" and a consensus price target of $105.83.

Insider Activity

In other news, CEO Rob C. Holmes sold 49,500 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $101.22, for a total value of $5,010,390.00. Following the completion of the sale, the chief executive officer owned 167,635 shares of the company's stock, valued at $16,968,014.70. This trade represents a 22.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ellen Detrich sold 2,045 shares of Texas Capital Bancshares stock in a transaction on Friday, July 24th. The shares were sold at an average price of $100.03, for a total value of $204,561.35. Following the transaction, the insider owned 7,529 shares in the company, valued at $753,125.87. This represents a 21.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,145 shares of company stock worth $10,570,584 over the last quarter. Corporate insiders own 1.91% of the company's stock.

About Texas Capital Bancshares

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source