Wedbush Analysts Cut Earnings Estimates for Texas Capital Bancshares Inc. (TCBI)
Texas Capital Bancshares Inc. (NASDAQ:TCBI) – Equities researchers at Wedbush reduced their Q3 2016 earnings per share estimates for shares of Texas Capital Bancshares in a note issued to investors on Wednesday. Wedbush analyst now expects that the firm will post earnings of $0.87 per share for the quarter, down from their previous forecast of $0.89. Wedbush has a “Neutral” rating and a $54.00 price target on the stock. Wedbush also issued estimates for Texas Capital Bancshares’ FY2016 earnings at $3.05 EPS and FY2017 earnings at $3.67 EPS.
Texas Capital Bancshares (NASDAQ:TCBI) last released its earnings results on Wednesday, July 20th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.77 by $0.01. Texas Capital Bancshares had a net margin of 19.73% and a return on equity of 9.14%. During the same quarter last year, the firm earned $0.76 earnings per share.
Other equities analysts also recently issued reports about the stock. TheStreet raised shares of Texas Capital Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, June 23rd. Deutsche Bank AG reissued a “buy” rating and set a $53.00 price target on shares of Texas Capital Bancshares in a report on Friday, June 17th. Compass Point started coverage on shares of Texas Capital Bancshares in a report on Friday, July 1st. They set a “buy” rating and a $54.00 price target for the company. Barclays PLC lifted their price target on shares of Texas Capital Bancshares from $52.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Zacks Investment Research raised shares of Texas Capital Bancshares from a “sell” rating to a “hold” rating in a report on Friday, July 1st. Fifteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $52.50.
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Texas Capital Bancshares (NASDAQ:TCBI) traded down 3.89% during mid-day trading on Thursday, reaching $54.35. 75,409 shares of the company traded hands. The firm has a market cap of $2.50 billion, a PE ratio of 20.06 and a beta of 1.47. Texas Capital Bancshares has a one year low of $29.78 and a one year high of $61.83. The stock’s 50-day moving average price is $53.54 and its 200-day moving average price is $47.85.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Channing Capital Management LLC boosted its position in shares of Texas Capital Bancshares by 101.1% in the second quarter. Channing Capital Management LLC now owns 905,504 shares of the company’s stock worth $42,341,000 after buying an additional 455,292 shares in the last quarter. State Street Corp raised its position in shares of Texas Capital Bancshares by 23.4% in the first quarter. State Street Corp now owns 2,231,426 shares of the company’s stock worth $85,639,000 after buying an additional 423,320 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in shares of Texas Capital Bancshares by 69.7% in the second quarter. Frontier Capital Management Co. LLC now owns 657,166 shares of the company’s stock worth $30,729,000 after buying an additional 269,946 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Texas Capital Bancshares by 197.3% in the first quarter. Prudential Financial Inc. now owns 351,732 shares of the company’s stock worth $13,499,000 after buying an additional 233,410 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Texas Capital Bancshares during the second quarter worth $9,866,000.
In related news, Director James H. Browning sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $52.55, for a total transaction of $131,375.00. Following the completion of the transaction, the director now owns 8,314 shares in the company, valued at $436,900.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.08% of the company’s stock.
About Texas Capital Bancshares
Texas Capital Bancshares, Inc is a bank holding and a financial holding company. The Company is the parent of Texas Capital Bank, National Association (the Bank). It offers a range of loans, deposit accounts and other financial products and services. It offers commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; real estate term and construction loans; mortgage finance lending; equipment leasing; treasury management services; wealth management and trust services, and letters of credit.
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