Victory Capital Management Inc. Cuts Position in Texas Capital Bancshares, Inc. (NASDAQ:TCBI)

Posted by Defense World Staff on Nov 3rd, 2023

Victory Capital Management Inc. cut its stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI – Free Report) by 15.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,731 shares of the bank’s stock after selling 2,321 shares during the quarter. Victory Capital Management Inc.’s holdings in Texas Capital Bancshares were worth $656,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Texas Capital Bancshares by 26,750.0% in the 1st quarter. Parallel Advisors LLC now owns 537 shares of the bank’s stock valued at $26,000 after acquiring an additional 535 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of Texas Capital Bancshares in the 1st quarter worth $32,000. US Bancorp DE boosted its position in shares of Texas Capital Bancshares by 64.7% in the 1st quarter. US Bancorp DE now owns 771 shares of the bank’s stock worth $38,000 after purchasing an additional 303 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Texas Capital Bancshares by 25.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,049 shares of the bank’s stock worth $63,000 after purchasing an additional 210 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Texas Capital Bancshares in the 1st quarter worth $104,000. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Robert W. Stallings purchased 8,000 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was acquired at an average cost of $54.54 per share, for a total transaction of $436,320.00. Following the completion of the transaction, the director now directly owns 278,000 shares of the company’s stock, valued at $15,162,120. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Robert W. Stallings purchased 8,000 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was acquired at an average cost of $54.54 per share, for a total transaction of $436,320.00. Following the completion of the transaction, the director now directly owns 278,000 shares of the company’s stock, valued at $15,162,120. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert W. Stallings purchased 3,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was bought at an average price of $15.90 per share, with a total value of $47,700.00. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $1,351,500. The disclosure for this purchase can be found here. In the last three months, insiders bought 15,000 shares of company stock worth $715,160. Corporate insiders own 0.99% of the company’s stock.

Wall Street Analyst Weigh In

TCBI has been the subject of a number of research reports. Jefferies Financial Group lifted their price target on Texas Capital Bancshares from $60.00 to $64.00 in a research report on Tuesday, October 10th. Truist Financial lowered their price target on Texas Capital Bancshares from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 23rd. Royal Bank of Canada lowered their price target on Texas Capital Bancshares from $68.00 to $66.00 and set a “sector perform” rating for the company in a research report on Friday, October 20th. StockNews.com initiated coverage on Texas Capital Bancshares in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Wedbush lifted their price target on Texas Capital Bancshares from $55.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Texas Capital Bancshares presently has a consensus rating of “Hold” and an average target price of $63.38.

Check Out Our Latest Report on TCBI

Texas Capital Bancshares Price Performance

Shares of Texas Capital Bancshares stock opened at $57.17 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.31. Texas Capital Bancshares, Inc. has a twelve month low of $42.79 and a twelve month high of $69.26. The business has a 50-day moving average price of $58.92 and a 200 day moving average price of $55.85. The firm has a market cap of $2.75 billion, a PE ratio of 7.68, a P/E/G ratio of 1.66 and a beta of 1.27.

Texas Capital Bancshares (NASDAQ:TCBI – Get Free Report) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $1.18 EPS for the quarter, topping the consensus estimate of $1.01 by $0.17. Texas Capital Bancshares had a return on equity of 7.83% and a net margin of 19.39%. The company had revenue of $472.64 million during the quarter, compared to analyst estimates of $267.89 million. During the same period in the previous year, the business earned $0.74 EPS. Sell-side analysts predict that Texas Capital Bancshares, Inc. will post 4.14 earnings per share for the current fiscal year.

About Texas Capital Bancshares

(Free Report)

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, and wealth management services.