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Texas Capital Bancshares, Inc. (NASDAQ: TCBI) was the target of a sharp drop in short interest in November. As of November 30, there was short interest totaling 1,510,000 shares, a decrease of 21.8% from the total of 1,930,000 shares as of November 15. Based on an average daily trading volume of 413,500 shares, the day-to-coverage ratio is currently 3.7 days. About 3.0% of the stock’s shares are sold short.
In other Texas Capital Bancshares news, director Robert W. Stallings bought 16,446 shares of the company in a transaction that took place on Thursday, November 4. The stock was purchased at an average cost of $ 61.62 per share, for a total value of $ 1,013,402.52. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, director Larry L. Helm bought 5,000 shares of the company in a trade that took place on Friday, October 22. The shares were acquired at an average cost of $ 60.52 per share, for a total value of $ 302,600.00. Disclosure of this purchase can be found here. Insiders have purchased a total of 31,697 shares of the company valued at $ 1,924,577 in the past 90 days. 0.64% of the shares are held by insiders.
Several large investors have recently increased or reduced their holdings in TCBI. FMR LLC increased its position in shares of Texas Capital Bancshares by 178,572.6% in the first quarter. FMR LLC now owns 150,085 shares of the bank valued at $ 8,194,000 after acquiring an additional 150,001 shares during the last quarter. Eagle Bay Advisors LLC acquired a new equity stake in Texas Capital Bancshares in the second quarter valued at approximately $ 34,000. The New York State Common Retirement Fund increased its position in shares of Texas Capital Bancshares by 201.3% in the second quarter. The New York State Pooled Retirement Fund now owns 154,901 shares of the bank valued at $ 9,835,000 after acquiring an additional 103,498 shares in the last quarter. Poplar Forest Capital LLC increased its position in shares of Texas Capital Bancshares by 19.7% in the second quarter. Poplar Forest Capital LLC now owns 7,719 shares of the bank valued at $ 490,000 after acquiring an additional 1,269 shares in the last quarter. Finally, Peregrine Capital Management LLC acquired a new equity stake in Texas Capital Bancshares in the second quarter valued at approximately $ 14,348,000. 94.65% of the shares are currently held by institutional investors and hedge funds.
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Actions of Texas Capital Bancshares Shares opened at $ 57.37 on Friday. The company has a market cap of $ 2.90 billion, a price-to-earnings ratio of 12.64 and a beta of 1.82. The stock’s 50-day moving average is $ 60.33 and its 200-day moving average is $ 62.25. Texas Capital Bancshares has a one-year low of $ 54.27 and a one-year high of $ 93.26. The company has a debt ratio of 1.10, a current ratio of 1.10, and a rapid ratio of 1.10.
Texas Capital Bancshares (NASDAQ: TCBI) last released its quarterly results on Tuesday, October 19. The bank reported EPS of $ 0.76 for the quarter, missing analyst consensus estimates of $ 1.09 ($ 0.33). The company posted revenue of $ 215.30 million in the quarter, compared to a consensus estimate of $ 224.90 million. Texas Capital Bancshares had a net margin of 23.46% and a return on equity of 8.98%. The company’s revenue for the quarter was down 19.6% year-on-year. In the same quarter of last year, the company made earnings per share of $ 1.08. On average, stock analysts expect Texas Capital Bancshares to post EPS of 4.36 for the current year.
Several equity research analysts recently commented on TCBI’s shares. Hovde Group upgraded Texas Capital Bancshares from an “outperformance†rating to a “market performance†rating in a Thursday, September 2 research note. Raymond James reduced his price target on Texas Capital Bancshares from $ 78.00 to $ 75 and set an “outperform” rating on the stock in a research report released Thursday, September 2. They noted that the move was an appraisal call. Zacks investment research upgraded Texas Capital Bancshares from a “sell†rating to a “custody†rating and set a price target of $ 63.00 on the stock in a research report released on Friday, November 19. Wedbush downgraded Texas Capital Bancshares from an “outperforming†rating to a “neutral†rating in a research report released Thursday, September 2. Finally, Janney Montgomery Scott downgraded Texas Capital Bancshares from a “buy†rating to a “neutral†rating in a research report released Thursday, September 2. One investment analyst rated the stock with a sell rating, six assigned a conservation rating, and six assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average “Hold†rating and a consensus price target of $ 74.28.
Texas Capital Bancshares Company Profile
Texas Capital Bancshares, Inc. is the holding company for Texas Capital Bank NA. It provides commercial banking services to clients in Texas and focuses on mid-market business ventures and successful professionals and entrepreneurs. The firm loan portfolio includes commercial loans, real estate loans, construction loans and letters of credit; business deposit products include commercial chequing accounts, safe deposit boxes, cash concentration accounts and other cash management services, including an online system; trust and wealth management services include investment management, personal trust and estate services, custodial services, retirement accounts and related services.
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