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

Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was the target of a significant drop in short interest during 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 trading volume of 425,600 shares, the short-interest ratio is currently 3.4 days. Approximately 3.2% of the company’s shares are short sold.

Texas Capital Bancshares Trading Up 0.6 %

Texas Capital Bancshares stock traded up $0.48 during mid-day trading on Tuesday, hitting $77.57. The stock had a trading volume of 423,225 shares, compared to its average volume of 420,679. The stock has a 50-day simple moving average of $67.54 and a two-hundred day simple moving average of $62.98. The stock has a market capitalization of $3.62 billion, a PE ratio of 23.63, a P/E/G ratio of 0.94 and a beta of 1.13. Texas Capital Bancshares has a 12 month low of $52.89 and a 12 month high of $78.67. 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 (NASDAQ:TCBI) last released its earnings results on Thursday, July 18th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.06). The company 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 period in the previous year, the company posted $1.33 EPS. As a group, sell-side analysts forecast that Texas Capital Bancshares will post 3.5 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on TCBI shares. Hovde Group lifted their price objective on shares of Texas Capital Bancshares from $66.00 to $73.00 and gave the stock a “market perform” rating in a report on Monday, September 23rd. Truist Financial boosted 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 price objective on Texas Capital Bancshares from $73.00 to $72.00 and set an “underweight” rating on the stock in a report on Wednesday, October 9th. Jefferies Financial Group lowered their target price 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. Finally, Raymond James raised Texas Capital Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price target for the company in a research note on Tuesday, September 17th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $69.13.

Insider Buying and Selling at Texas Capital Bancshares

In other news, Director Robert W. Stallings purchased 10,000 shares of the stock in a transaction on Monday, July 29th. The stock was bought at an average price of $20.46 per share, for a total transaction of $204,600.00. Following the acquisition, the director now directly owns 31,294 shares of the company’s stock, valued at approximately $640,275.24. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Texas Capital Bancshares news, Director Robert W. Stallings bought 15,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was purchased at an average cost 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 trade was a 300.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert W. Stallings bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was bought at an average cost of $20.46 per share, for a total transaction of $204,600.00. Following the completion of the transaction, the director now directly owns 31,294 shares of the company’s stock, valued at approximately $640,275.24. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 43,500 shares of company stock worth $876,400 over the last three months. Insiders own 0.99% of the company’s stock.

Institutional Investors Weigh In On Texas Capital Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning bought a new position in Texas Capital Bancshares in the third quarter valued at approximately $440,000. CWM LLC grew its stake in Texas Capital Bancshares by 69.8% in the third quarter. CWM LLC now owns 1,611 shares of the bank’s stock valued at $115,000 after purchasing an additional 662 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Texas Capital Bancshares by 47.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 12,723 shares of the bank’s stock worth $909,000 after acquiring an additional 4,100 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake 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 worth $2,897,000 after acquiring an additional 4,124 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Texas Capital Bancshares during the 2nd quarter worth approximately $2,704,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

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.