Zacks: Brokerages Anticipate Texas Capital Bancshares, Inc. (TCBI) Will Post Quarterly Sales of $212.58 Million
Brokerages expect Texas Capital Bancshares, Inc. (NASDAQ:TCBI) to post sales of $212.58 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Texas Capital Bancshares’ earnings, with the lowest sales estimate coming in at $206.90 million and the highest estimate coming in at $220.60 million. Texas Capital Bancshares posted sales of $183.46 million in the same quarter last year, which suggests a positive year over year growth rate of 15.9%. The firm is scheduled to announce its next earnings results after the market closes on Wednesday, October 18th.
On average, analysts expect that Texas Capital Bancshares will report full year sales of $212.58 million for the current financial year, with estimates ranging from $802.80 million to $823.50 million. For the next financial year, analysts anticipate that the firm will post sales of $927.00 million per share, with estimates ranging from $913.00 million to $939.90 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Texas Capital Bancshares.
Texas Capital Bancshares (NASDAQ:TCBI) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate 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 analysts’ expectations of $197.10 million. During the same period in the previous year, the firm earned $0.78 EPS.
Several analysts have commented on the company. Zacks Investment Research lowered Texas Capital Bancshares from a “buy” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub lowered Texas Capital Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Barclays PLC reissued an “equal weight” rating and issued a $80.00 price objective (up from $75.00) on shares of Texas Capital Bancshares in a report on Wednesday, July 12th. Jefferies Group LLC reissued a “buy” rating and issued a $104.00 price objective on shares of Texas Capital Bancshares in a report on Friday, July 14th. Finally, Wedbush lowered Texas Capital Bancshares from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $88.00 to $87.00 in a report on Wednesday. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $87.33.
Texas Capital Bancshares (TCBI) traded down 0.17% on Friday, reaching $85.65. The company had a trading volume of 43,284 shares. The stock’s 50 day moving average is $77.90 and its 200-day moving average is $77.85. The stock has a market capitalization of $4.25 billion, a P/E ratio of 23.77 and a beta of 1.68. Texas Capital Bancshares has a 1-year low of $53.21 and a 1-year high of $93.35.
In related news, insider C Keith Cargill acquired 3,000 shares of Texas Capital Bancshares stock in a transaction that occurred on Friday, August 11th. The shares were purchased at an average price of $74.15 per share, for a total transaction of $222,450.00. Following the completion of the transaction, the insider now owns 80,286 shares in the company, valued at approximately $5,953,206.90. The purchase was disclosed in a legal filing 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 institutional investors have recently made changes to their positions in TCBI. BlackRock Inc. lifted its position in Texas Capital Bancshares by 19,441.6% during the first quarter. BlackRock Inc. now owns 5,594,948 shares of the bank’s stock worth $466,900,000 after buying an additional 5,566,317 shares in the last quarter. State Street Corp lifted its position in Texas Capital Bancshares by 48.4% during the first quarter. State Street Corp now owns 3,047,810 shares of the bank’s stock worth $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 second quarter worth approximately $661,000. Balyasny Asset Management LLC lifted its position in Texas Capital Bancshares by 474.5% during the second quarter. Balyasny Asset Management LLC now owns 657,805 shares of the bank’s stock worth $50,914,000 after buying an additional 543,299 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in Texas Capital Bancshares by 26.5% during the second quarter. Capital Research Global Investors now owns 2,127,895 shares of the bank’s stock worth $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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