Texas Capital Bancshares (NASDAQ:TCBI) Upgraded to Equal Weight at Barclays

Key Points

• Barclays upgraded Texas Capital Bancshares to “equal weight” from “underweight” and set a $100 price target, implying approximately 1.16% upside from the previous close.
• Analyst sentiment remains cautious overall, with a consensus “Hold” rating and average price target of $105.83; ratings include four Buys, eight Holds, and one Sell.
• Texas Capital Bancshares slightly exceeded quarterly expectations, reporting $1.88 in EPS versus $1.87 expected and $335.5 million in revenue, up 9.1% year over year.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) was upgraded by investment analysts at Barclays from an "underweight" rating to an "equal weight" rating in a research note issued on Monday,Benzinga reports. The firm presently has a $100.00 price target on the bank's stock. Barclays's price objective would indicate a potential upside of 1.16% from the stock's previous close.

Several other research firms have also issued reports on TCBI. JPMorgan Chase & Co. upped their price objective on Texas Capital Bancshares from $105.00 to $110.00 and gave the company an "underweight" rating in a research note on Wednesday, July 1st. Fundamental Research set a $110.00 price target on Texas Capital Bancshares in a research note on Wednesday, July 1st. TD Cowen decreased their price objective on shares of Texas Capital Bancshares from $109.00 to $106.00 and set a "hold" rating on the stock in a report on Monday, July 27th. Royal Bank Of Canada raised their target price on shares of Texas Capital Bancshares from $110.00 to $114.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. Finally, Stephens decreased their price target on shares of Texas Capital Bancshares from $116.00 to $112.00 and set an "overweight" rating on the stock in a research note on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Texas Capital Bancshares presently has an average rating of "Hold" and a consensus price target of $105.83.

Texas Capital Bancshares Stock Performance

NASDAQ TCBI opened at $98.85 on Monday. The firm has a market capitalization of $4.30 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 1.21 and a beta of 0.67. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.15. The firm's fifty day moving average price is $101.36 and its two-hundred day moving average price is $99.63. Texas Capital Bancshares has a 1 year low of $75.41 and a 1 year high of $108.92.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.87 by $0.01. The company had revenue of $335.50 million during the quarter, compared to the consensus estimate of $333.37 million. Texas Capital Bancshares had a net margin of 17.90% and a return on equity of 10.86%. The company's quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 EPS. As a group, research analysts anticipate that Texas Capital Bancshares will post 7.33 EPS for the current year.

Insider Transactions at Texas Capital Bancshares

In other news, insider Ellen Detrich sold 2,045 shares of Texas Capital Bancshares stock in a transaction dated Friday, July 24th. The stock was 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 approximately $753,125.87. The trade was a 21.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anna M. Alvarado sold 3,500 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $100.95, for a total transaction of $353,325.00. Following the sale, the insider owned 23,810 shares of the company's stock, valued at approximately $2,403,619.50. This represents a 12.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

Hedge Funds Weigh In On Texas Capital Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new position in shares of Texas Capital Bancshares in the 2nd quarter worth about $51,000. Bank of America Corp DE increased its stake in shares of Texas Capital Bancshares by 13.6% during the first quarter. Bank of America Corp DE now owns 378,515 shares of the bank's stock valued at $35,914,000 after purchasing an additional 45,220 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Texas Capital Bancshares during the first quarter valued at approximately $6,690,000. Amundi purchased a new position in shares of Texas Capital Bancshares during the first quarter valued at approximately $231,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Texas Capital Bancshares by 14.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,504 shares of the bank's stock worth $143,000 after purchasing an additional 189 shares in the last quarter. Hedge funds and other institutional investors own 96.88% of the company's stock.

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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