Texas Capital Bancshares, Inc. (TCBI) Rating Lowered to Neutral at Wedbush
Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was downgraded by research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Wednesday, Marketbeat reports. They presently have a $87.00 price objective on the bank’s stock, down from their prior price objective of $88.00. Wedbush’s price objective indicates a potential upside of 0.40% from the stock’s current price. The analysts noted that the move was a valuation call.
Other equities research analysts have also issued reports about the company. Zacks Investment Research upgraded Texas Capital Bancshares from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research report on Tuesday, July 11th. Royal Bank Of Canada began coverage on Texas Capital Bancshares in a research note on Wednesday, September 6th. They set an “outperform” rating and a $90.00 price objective on the stock. Barclays PLC reissued an “equal weight” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Texas Capital Bancshares in a report on Wednesday, July 12th. ValuEngine cut shares of Texas Capital Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $86.00 price target on shares of Texas Capital Bancshares in a research note on Friday, September 1st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $87.21.
Texas Capital Bancshares (NASDAQ:TCBI) traded down 0.75% during midday trading on Wednesday, reaching $86.00. 59,750 shares of the company were exchanged. Texas Capital Bancshares has a 52 week low of $53.21 and a 52 week high of $93.35. The stock has a market capitalization of $4.27 billion, a P/E ratio of 23.87 and a beta of 1.68. The firm’s 50 day moving average price is $77.31 and its 200-day moving average price is $77.75.
Texas Capital Bancshares (NASDAQ:TCBI) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.03. The company had revenue of $201.73 million during the quarter, compared to analysts’ expectations of $197.10 million. Texas Capital Bancshares had a net margin of 21.84% and a return on equity of 10.01%. During the same quarter in the prior year, the company earned $0.78 EPS. Equities analysts forecast that Texas Capital Bancshares will post $4.01 EPS for the current fiscal year.
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In other news, insider C Keith Cargill bought 3,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average cost 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.47% of the company’s stock.
A number of large investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA lifted its position in shares of Texas Capital Bancshares by 79.8% during the second quarter. BNP Paribas Arbitrage SA now owns 32,083 shares of the bank’s stock worth $2,483,000 after purchasing an additional 14,241 shares in the last quarter. Sapience Investments LLC purchased a new position in shares of Texas Capital Bancshares in the second quarter valued at approximately $8,909,000. US Bancorp DE boosted its stake in shares of Texas Capital Bancshares by 5.5% in the second quarter. US Bancorp DE now owns 4,032 shares of the bank’s stock valued at $312,000 after purchasing an additional 211 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Texas Capital Bancshares by 14.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 240,371 shares of the bank’s stock valued at $20,059,000 after purchasing an additional 30,906 shares during the period. Finally, Kennedy Capital Management Inc. boosted its stake in shares of Texas Capital Bancshares by 378.7% in the second quarter. Kennedy Capital Management Inc. now owns 145,888 shares of the bank’s stock valued at $11,292,000 after purchasing an additional 115,409 shares during the period.
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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