Hodges Capital Management Increases Stake in Texas Capital Bancshares
Hodges Capital Management Inc. has expanded its investment in Texas Capital Bancshares, Inc. (NASDAQ:TCBI) by 6.6% during the third quarter, based on its latest filing with the Securities and Exchange Commission (SEC). Following this acquisition, the fund now holds a total of 190,943 shares of the bank's stock, having purchased an additional 11,845 shares during the quarter. At the conclusion of this period, Hodges Capital Management's holdings accounted for approximately 0.41% of Texas Capital Bancshares, with a value of about $13,645,000.
Several other institutional investors have also made significant adjustments to their stakes in Texas Capital Bancshares. For instance, Innealta Capital LLC made a new investment in the company during the second quarter, acquiring shares valued around $26,000. Furthermore, Blue Trust Inc. increased its position in the bank by a remarkable 89.9% in the third quarter, now owning 357 shares worth $26,000 following the purchase of an additional 169 shares. Additionally, Icon Wealth Advisors LLC initiated a new position in the bank valued at $31,000 during the same period. In the second quarter, CWM LLC raised its investment by 40.8%, resulting in ownership of 949 shares worth $58,000 after acquiring 275 more shares. Similarly, Meeder Asset Management Inc. purchased a new stake in the bank during the third quarter, valued at about $71,000. Collectively, institutional investors and hedge funds hold approximately 96.88% of the company's stock.
Recent Analyst Upgrades and Ratings
In recent weeks, various analysts have provided updates regarding Texas Capital Bancshares. StockNews.com recently upgraded their rating for the bank's shares from "sell" to "hold". Notably, Bank of America has raised its rating from "underperform" to "buy", while also increasing the price target for the stock from $51.00 to $77.00. Keefe, Bruyette & Woods have reaffirmed their "outperform" ranking with a target price set at $74.00 for the shares. Raymond James changed its rating from "market perform" to "outperform", assigning a price target of $78.00. Hovde Group has also increased its price objective from $73.00 to $79.00 while maintaining a "market perform" rating. In total, four analysts rated the stock as a sell, nine gave it a hold rating, and four recommended a buy. The consensus rating currently stands at "Hold" with an average price target of $74.69 as per MarketBeat.com.
Texas Capital Bancshares Stock Overview
The stock of Texas Capital Bancshares opened at $87.71 recently. The company has recorded a 50-day simple moving average of $81.03 and a 200-day simple moving average of $69.51. Its market capitalization is approximately $4.05 billion, with a price-to-earnings ratio of 487.28 and a price-to-earnings-growth ratio of 0.85. The bank displays a beta of 1.14, alongside a debt-to-equity ratio of 0.22 and both a current and quick ratio of 1.01. Over the past year, Texas Capital Bancshares has achieved a low of $54.68 and a high of $91.80.
On October 17th, Texas Capital Bancshares disclosed its earnings results for the recent quarter, reporting earnings per share (EPS) of $1.62, significantly exceeding analysts' expectations of $0.97 by $0.65. The bank generated revenue of $304.91 million, surpassing the forecast of $279.64 million. The return on equity was reported at 8.06%, with a net margin of 1.40%. Analysts predict that Texas Capital Bancshares, Inc. will post an EPS of 4.15 for the current year.
Insider Transactions
In terms of insider trading, Robert W. Stallings, a director of Texas Capital Bancshares, bought 20,000 shares of the company's stock on October 22nd. The shares were acquired at an average price of $21.28 each, amounting to a total value of $425,600. Post-purchase, Stallings now owns a total of 84,587 shares valued at approximately $1,800,011.36, reflecting a 30.97% increase in his ownership. This information has been disclosed in the SEC filings where additional details are available. Notably, insiders own about 0.99% of the company's stock.
Company Overview
Texas Capital Bancshares, Inc. operates as the parent company of Texas Capital Bank, offering a wide range of financial services. These services include commercial and consumer banking, investment banking solutions such as capital markets and mergers and acquisitions, and wealth management services that cover investment management, financial planning, and estate planning among others.
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