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 research report report published on Monday morning, Marketbeat Ratings reports. The firm currently has $77.00 target price on the bank’s stock, up from their prior target price of $51.00.

Several other research firms have also recently weighed in on TCBI. Citigroup restated a sell rating and set a $60.00 target price on shares of Texas Capital Bancshares in a research note on Monday, July 22nd. Jefferies Financial Group reduced their price objective on Texas Capital Bancshares from $64.00 to $61.00 and set a hold rating on the stock in a research note on Wednesday, July 3rd. Truist Financial boosted their target price on Texas Capital Bancshares from $62.00 to $70.00 and gave the stock a hold rating in a research note on Monday, July 22nd. Wedbush lifted their price target on shares of Texas Capital Bancshares from $62.00 to $70.00 and gave the company a neutral rating in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Texas Capital Bancshares from $63.00 to $70.00 and gave the stock an underweight rating in a research report on Tuesday, July 23rd. Five research 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 an average rating of Hold and a consensus price target of $66.77.

Texas Capital Bancshares Stock Down 0.5 %

TCBI stock opened at $67.78 on Monday. Texas Capital Bancshares has a 52 week low of $52.89 and a 52 week high of $72.07. The business has a 50-day simple moving average of $64.18 and a 200 day simple moving average of $60.96. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.23. The company has a market cap of $3.13 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.05 and a beta of 1.13.

Texas Capital Bancshares (NASDAQ:TCBI) last issued its earnings results on Thursday, July 18th. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.06). Texas Capital Bancshares had a net margin of 8.08% and a return on equity of 6.05%. The firm had revenue of $472.49 million during the quarter, compared to analyst estimates of $268.02 million. During the same quarter in the previous year, the firm posted $1.33 earnings per share. Sell-side analysts anticipate that Texas Capital Bancshares will post 3.31 EPS for the current fiscal year.

Insider Activity at Texas Capital Bancshares

In related news, Director Robert W. Stallings bought 15,000 shares of the business’s stock in a transaction on 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 acquisition, the director now owns 20,000 shares of the company’s stock, valued at $400,000. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, Director Robert W. Stallings bought 10,000 shares of the stock in a transaction that occurred 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 purchase, the director now directly owns 31,294 shares of the company’s stock, valued at $640,275.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert W. Stallings bought 15,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $20.00 per share, for a total transaction of $300,000.00. Following 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. Insiders purchased 43,500 shares of company stock worth $876,400 over the last three months. Company insiders own 0.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky boosted its position in shares of Texas Capital Bancshares by 9.5% during the 2nd 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. acquired a new position in Texas Capital Bancshares in the second quarter valued at approximately $2,704,000. Algert Global LLC bought a new position in shares of Texas Capital Bancshares during the 2nd quarter worth approximately $292,000. Millennium Management LLC grew its position in shares of Texas Capital Bancshares by 146.7% during the 2nd 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. Finally, D. E. Shaw & Co. Inc. increased its stake in shares of Texas Capital Bancshares by 11.2% in the 2nd 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 in the last quarter. 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.