Texas Capital Bancshares, Inc. (TCBI) Upgraded to Buy at Zacks Investment Research
Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $90.00 price target on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.94% from the company’s current price.
According to Zacks, “Shares of Texas Capital have outperformed the industry so far this year. This price performance is backed by the company’s decent earnings surprise history. It surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company’s diversified fee income sources should continue driving its top-line growth. Moreover, Texas Capital’s strong capital position keep it well poised for opportunistic expansions. Though, lack of geographical diversification and significantly mounting expenses keep us apprehensive, Texas Capital’s margins have relaxed to some extent, following the three rate hikes since December 2016.”
A number of other brokerages have also recently commented on TCBI. ValuEngine cut Texas Capital Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. BidaskClub upgraded Texas Capital Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and issued a $104.00 price target on shares of Texas Capital Bancshares in a research report on Friday, July 14th. Hovde Group upped their price target on Texas Capital Bancshares from $85.00 to $86.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 1st. Finally, Stephens restated a “hold” rating and issued a $84.00 price target on shares of Texas Capital Bancshares in a research report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Texas Capital Bancshares presently has an average rating of “Hold” and a consensus price target of $87.07.
Shares of Texas Capital Bancshares (NASDAQ:TCBI) traded up 0.56% during midday trading on Tuesday, reaching $80.40. The company had a trading volume of 395,815 shares. Texas Capital Bancshares has a 1-year low of $51.69 and a 1-year high of $93.35. The stock has a market capitalization of $3.99 billion, a PE ratio of 22.31 and a beta of 1.67. The company’s 50-day moving average is $75.47 and its 200-day moving average is $78.05.
Texas Capital Bancshares (NASDAQ:TCBI) last posted its earnings results on Wednesday, July 19th. The bank reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Texas Capital Bancshares had a return on equity of 10.01% and a net margin of 21.84%. The company had revenue of $201.73 million for the quarter, compared to the consensus estimate of $197.10 million. During the same quarter in the prior year, the company earned $0.78 earnings per share. On average, equities research analysts forecast that Texas Capital Bancshares will post $4.01 EPS for the current year.
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In other news, insider C Keith Cargill purchased 3,000 shares of the business’s stock in a transaction on Friday, August 11th. The stock was acquired at an average price of $74.15 per share, for a total transaction of $222,450.00. Following the acquisition, the insider now directly owns 80,286 shares of the company’s stock, valued at approximately $5,953,206.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.47% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCBI. BlackRock Inc. grew its holdings in Texas Capital Bancshares by 19,441.6% during the 1st quarter. BlackRock Inc. now owns 5,594,948 shares of the bank’s stock valued at $466,900,000 after buying an additional 5,566,317 shares in the last quarter. State Street Corp grew its holdings in Texas Capital Bancshares by 48.4% during the 1st quarter. State Street Corp now owns 3,047,810 shares of the bank’s stock valued at $254,339,000 after buying an additional 994,585 shares in the last quarter. Koch Industries Inc. purchased a new position in Texas Capital Bancshares during the 2nd quarter valued at approximately $661,000. Balyasny Asset Management LLC grew its holdings in Texas Capital Bancshares by 474.5% during the 2nd quarter. Balyasny Asset Management LLC now owns 657,805 shares of the bank’s stock valued at $50,914,000 after buying an additional 543,299 shares in the last quarter. Finally, Capital Research Global Investors grew its holdings in Texas Capital Bancshares by 26.5% during the 2nd quarter. Capital Research Global Investors now owns 2,127,895 shares of the bank’s stock valued at $164,699,000 after buying an additional 445,248 shares in the last quarter.
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 loan, deposit account and other financial products and services to its customers. It offers a range of products and services for its business customers, including commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; medium- and long-term tax-exempt loans for municipalities and other governmental and tax-exempt entities; wealth management and trust services, and letters of credit.
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