Hovde Group Raises Texas Capital Bancshares (NASDAQ:TCBI) Price Target to $73.00

Texas Capital Bancshares (NASDAQ:TCBI) had its price target increased by research analysts at Hovde Group from $66.00 to $73.00 in a research note issued on Monday, Marketbeat reports. The brokerage currently has a “market perform” rating on the bank’s stock. Hovde Group’s price objective would indicate a potential upside of 2.89% from the stock’s current price.

A number of other brokerages have also recently commented on TCBI. Truist Financial lifted their price target on Texas Capital Bancshares from $70.00 to $80.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on Texas Capital Bancshares from $70.00 to $73.00 and gave the stock an “underweight” rating in a research report on Monday, September 9th. Wedbush lifted their price objective on Texas Capital Bancshares from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Jefferies Financial Group cut their price objective on Texas Capital Bancshares from $64.00 to $61.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $74.00 price objective on shares of Texas Capital Bancshares in a research report on Monday, September 9th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Texas Capital Bancshares currently has a consensus rating of “Hold” and an average price target of $69.20.

Texas Capital Bancshares Price Performance

Shares of Texas Capital Bancshares stock opened at $70.95 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.00 and a quick ratio of 0.99. The business’s 50 day simple moving average is $65.64 and its two-hundred day simple moving average is $61.74. The stock has a market capitalization of $3.31 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 1.02 and a beta of 1.13. Texas Capital Bancshares has a one year low of $52.89 and a one year high of $74.57.

Texas Capital Bancshares (NASDAQ:TCBI) last announced its quarterly earnings results on Thursday, July 18th. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.06). The company had revenue of $472.49 million during the quarter, compared to analysts’ expectations of $268.02 million. Texas Capital Bancshares had a return on equity of 6.05% and a net margin of 8.08%. During the same period last year, the firm earned $1.33 earnings per share. Analysts forecast that Texas Capital Bancshares will post 3.43 EPS for the current year.

Insider Transactions at Texas Capital Bancshares

In related news, Director Robert W. Stallings bought 15,000 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were 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 approximately $400,000. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Texas Capital Bancshares news, Director Robert W. Stallings purchased 14,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were purchased at an average cost of $19.93 per share, with a total value of $279,020.00. Following the completion of the acquisition, the director now directly owns 55,294 shares in the company, valued at approximately $1,102,009.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert W. Stallings purchased 15,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $300,000.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at $400,000. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 43,500 shares of company stock valued at $876,400. Insiders own 0.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky lifted its holdings 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 valued at $2,897,000 after purchasing an additional 4,124 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Texas Capital Bancshares in the second quarter valued at about $2,704,000. Algert Global LLC bought a new position in Texas Capital Bancshares in the second quarter valued at about $292,000. Millennium Management LLC lifted its holdings in Texas Capital Bancshares by 146.7% in the second quarter. Millennium Management LLC now owns 372,370 shares of the bank’s stock valued at $22,767,000 after acquiring an additional 221,454 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in 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 acquiring an additional 38,393 shares during the period. 96.88% of the stock is owned by institutional investors.

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.