Texas Capital Bancshares (NASDAQ:TCBI) Hits New 12-Month High – Here’s Why

Texas Capital Bancshares, Inc. (NASDAQ:TCBI) shares hit a new 52-week high on Monday . The stock traded as high as $91.36 and last traded at $91.36, with a volume of 141317 shares. The stock had previously closed at $87.73.

Analysts Set New Price Targets

Several research analysts have commented on TCBI shares. Piper Sandler lowered Texas Capital Bancshares from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $77.00 to $82.00 in a research report on Friday, October 18th. Bank of America raised Texas Capital Bancshares from an “underperform” rating to a “buy” rating and raised their price objective for the company from $51.00 to $77.00 in a research report on Monday, September 9th. StockNews.com raised Texas Capital Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial raised their price objective on Texas Capital Bancshares from $80.00 to $86.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Finally, DA Davidson raised their price objective on Texas Capital Bancshares from $73.00 to $81.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Texas Capital Bancshares has an average rating of “Hold” and a consensus price target of $74.00.

Texas Capital Bancshares Stock Up 2.2 %

The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 487.39, a P/E/G ratio of 0.83 and a beta of 1.12. The stock has a 50 day moving average of $77.60 and a 200 day moving average of $67.66. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.22.

Texas Capital Bancshares (NASDAQ:TCBI) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.65. The business had revenue of $304.91 million during the quarter, compared to the consensus estimate of $279.64 million. Texas Capital Bancshares had a return on equity of 8.06% and a net margin of 1.40%. As a group, analysts expect that Texas Capital Bancshares, Inc. will post 4.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert W. Stallings bought 20,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was bought at an average cost of $21.28 per share, for a total transaction of $425,600.00. Following the completion of the purchase, the director now directly owns 84,587 shares in the company, valued at approximately $1,800,011.36. The trade was a 30.97 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.53% of the company’s stock.

Hedge Funds Weigh In On Texas Capital Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in shares of Texas Capital Bancshares by 87.0% during the second quarter. AQR Capital Management LLC now owns 1,087,715 shares of the bank’s stock worth $65,219,000 after buying an additional 506,094 shares during the period. Millennium Management LLC boosted its position in shares of Texas Capital Bancshares by 146.7% during the second quarter. Millennium Management LLC now owns 372,370 shares of the bank’s stock worth $22,767,000 after buying an additional 221,454 shares during the period. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Texas Capital Bancshares during the second quarter worth approximately $11,489,000. American Century Companies Inc. boosted its position in shares of Texas Capital Bancshares by 43.8% during the second quarter. American Century Companies Inc. now owns 562,507 shares of the bank’s stock worth $34,392,000 after buying an additional 171,263 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Texas Capital Bancshares by 15.4% during the third quarter. Wellington Management Group LLP now owns 1,123,221 shares of the bank’s stock worth $80,265,000 after buying an additional 150,301 shares during the period. 96.88% of the stock is currently owned by institutional investors and hedge funds.

About Texas Capital Bancshares

Texas Capital Bancshares, Inc operates as the bank holding company for Texas Capital Bank, is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. The company offers commercial banking; consumer banking; investment banking solutions, including capital markets, mergers and acquisitions, and syndicated finance, as well as financial sponsor coverage, capital solutions, and institutional services; and wealth management services, such as investment management, financial planning, lockbox and insurance, securities-based lending, estate planning, and business succession, as well as philanthropic, trustee and executor, custom credit, and depository services.