Texas Capital Bancshares (NASDAQ:TCBI) Raised to “Buy” at Bank of America

Bank of America upgraded shares of Texas Capital Bancshares (NASDAQ:TCBI) from an underperform rating to a buy rating in a report issued on Monday morning, Marketbeat.com reports. Bank of America currently has $77.00 target price on the bank’s stock, up from their prior target price of $51.00.

TCBI has been the subject of several other research reports. Citigroup restated a sell rating and issued a $60.00 price objective on shares of Texas Capital Bancshares in a research report on Monday, July 22nd. Truist Financial upped their price target on Texas Capital Bancshares from $62.00 to $70.00 and gave the company a hold rating in a research note on Monday, July 22nd. Jefferies Financial Group lowered their price objective on Texas Capital Bancshares from $64.00 to $61.00 and set a hold rating for the company in a research report on Wednesday, July 3rd. Wedbush upped their target price on shares of Texas Capital Bancshares from $62.00 to $70.00 and gave the company a neutral rating in a research report on Friday, July 19th. Finally, Stephens raised their target price on shares of Texas Capital Bancshares from $73.00 to $75.00 and gave the company an overweight rating in a research note on Friday, July 19th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $66.77.

Texas Capital Bancshares Stock Performance

Shares of NASDAQ:TCBI opened at $68.21 on Monday. The business has a fifty day moving average of $64.33 and a 200-day moving average of $61.01. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.00. Texas Capital Bancshares has a twelve month low of $52.89 and a twelve month high of $72.07. The firm has a market cap of $3.15 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 3.05 and a beta of 1.13.

Texas Capital Bancshares (NASDAQ:TCBI) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.06). Texas Capital Bancshares had a return on equity of 6.05% and a net margin of 8.08%. The company had revenue of $472.49 million for the quarter, compared to the consensus estimate of $268.02 million. During the same period in the prior year, the company earned $1.33 EPS. On average, equities research analysts predict that Texas Capital Bancshares will post 3.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert W. Stallings acquired 15,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was acquired at an average price of $20.00 per share, for a total transaction of $300,000.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at $400,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Texas Capital Bancshares news, Director Robert W. Stallings bought 15,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was purchased at an average cost of $20.00 per share, with a total value of $300,000.00. Following the completion of the purchase, the director now owns 20,000 shares in the company, valued at $400,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert W. Stallings purchased 10,000 shares of the stock in a transaction on Monday, July 29th. The stock was acquired at an average price of $20.46 per share, with a total value of $204,600.00. Following the completion of the acquisition, the director now directly owns 31,294 shares of the company’s stock, valued at $640,275.24. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 43,500 shares of company stock worth $876,400. Company insiders own 0.99% of the company’s stock.

Institutional Trading of Texas Capital Bancshares

Several hedge funds have recently bought and sold shares of TCBI. Teachers Retirement System of The State of Kentucky increased its position in shares of Texas Capital Bancshares by 9.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 47,381 shares of the bank’s stock worth $2,897,000 after acquiring an additional 4,124 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Texas Capital Bancshares in the 2nd quarter worth $2,704,000. Algert Global LLC bought a new position in Texas Capital Bancshares during the 2nd quarter worth about $292,000. Millennium Management LLC raised its stake in shares of Texas Capital Bancshares by 146.7% in the 2nd quarter. Millennium Management LLC now owns 372,370 shares of the bank’s stock valued at $22,767,000 after purchasing an additional 221,454 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of Texas Capital Bancshares by 11.2% in the second quarter. D. E. Shaw & Co. Inc. now owns 381,462 shares of the bank’s stock valued at $23,323,000 after purchasing an additional 38,393 shares in the last quarter. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Texas Capital Bancshares Company Profile

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.