Texas Capital Bancshares, Inc. (NASDAQ:TCBI) Sees Large Decrease in Short Interest

Texas Capital Bancshares, Inc. (NASDAQ:TCBI) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 1,450,000 shares, a drop of 22.5% from the September 15th total of 1,870,000 shares. Based on an average daily volume of 425,600 shares, the days-to-cover ratio is currently 3.4 days. Approximately 3.2% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TCBI. Truist Financial increased their price target on shares of Texas Capital Bancshares from $70.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. cut their target price on shares of Texas Capital Bancshares from $73.00 to $72.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 9th. Hovde Group raised their target price on shares of Texas Capital Bancshares from $66.00 to $73.00 and gave the company a “market perform” rating in a research report on Monday, September 23rd. Citigroup restated a “sell” rating and issued a $60.00 target price on shares of Texas Capital Bancshares in a research report on Monday, July 22nd. Finally, Jefferies Financial Group cut their target price on shares of 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. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $69.13.

Insider Transactions at Texas Capital Bancshares

In other Texas Capital Bancshares news, Director Robert W. Stallings bought 14,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were bought 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 owns 55,294 shares of the company’s stock, valued at $1,102,009.42. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Robert W. Stallings purchased 4,000 shares of Texas Capital Bancshares stock in a transaction that occurred on Thursday, July 25th. The shares were acquired at an average price of $20.62 per share, for a total transaction of $82,480.00. Following the transaction, the director now owns 12,794 shares of the company’s stock, valued at approximately $263,812.28. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert W. Stallings purchased 14,000 shares of Texas Capital Bancshares stock in a transaction that occurred on Wednesday, July 31st. The shares were purchased at an average price of $19.93 per share, for a total transaction of $279,020.00. Following the transaction, the director now directly owns 55,294 shares in the company, valued at $1,102,009.42. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 43,500 shares of company stock valued at $876,400. 0.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Texas Capital Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of TCBI. Wellington Management Group LLP lifted its holdings in Texas Capital Bancshares by 97.9% in the fourth quarter. Wellington Management Group LLP now owns 1,106,536 shares of the bank’s stock valued at $71,515,000 after buying an additional 547,336 shares during the period. AQR Capital Management LLC raised its holdings 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 valued at $65,219,000 after purchasing an additional 506,094 shares during the period. Millennium Management LLC raised its holdings 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 valued at $22,767,000 after purchasing 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 valued at about $11,489,000. Finally, American Century Companies Inc. raised its holdings 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 valued at $34,392,000 after purchasing an additional 171,263 shares during the period. Institutional investors and hedge funds own 96.88% of the company’s stock.

Texas Capital Bancshares Trading Up 1.7 %

TCBI stock traded up $1.30 during midday trading on Monday, hitting $77.09. The stock had a trading volume of 536,937 shares, compared to its average volume of 420,666. The firm has a market cap of $3.60 billion, a P/E ratio of 23.36, a price-to-earnings-growth ratio of 0.94 and a beta of 1.13. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23. Texas Capital Bancshares has a 1-year low of $52.89 and a 1-year high of $77.40. The business has a fifty day moving average price of $67.54 and a two-hundred day moving average price of $62.98.

Texas Capital Bancshares (NASDAQ:TCBI) last released its earnings results on Thursday, July 18th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.06). The firm had revenue of $472.49 million during the quarter, compared to analyst estimates of $268.02 million. Texas Capital Bancshares had a net margin of 8.08% and a return on equity of 6.05%. During the same quarter in the previous year, the firm earned $1.33 EPS. On average, sell-side analysts predict that Texas Capital Bancshares will post 3.5 earnings per share for the current fiscal year.

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.