Texas Capital Bancshares, Inc. (NASDAQ:TCBI) Sees Significant Drop in Short Interest

Texas Capital Bancshares, Inc. (NASDAQ:TCBI) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 1,300,000 shares, a drop of 18.2% from the February 13th total of 1,590,000 shares. Based on an average daily volume of 449,400 shares, the days-to-cover ratio is presently 2.9 days. Approximately 2.9% of the shares of the company are sold short.

Insider Activity

In other news, Director Robert W. Stallings purchased 7,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were bought at an average price of $20.43 per share, with a total value of $143,010.00. Following the completion of the transaction, the director now directly owns 49,500 shares in the company, valued at $1,011,285. This trade represents a 16.47 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought a total of 29,402 shares of company stock valued at $653,787 over the last 90 days. 1.72% of the stock is currently owned by company insiders.

Institutional Trading of Texas Capital Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in TCBI. Norges Bank bought a new stake in Texas Capital Bancshares during the 4th quarter worth about $42,050,000. Azora Capital LP bought a new stake in Texas Capital Bancshares during the 4th quarter worth about $25,232,000. Wellington Management Group LLP raised its holdings in Texas Capital Bancshares by 15.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,123,221 shares of the bank’s stock worth $80,265,000 after purchasing an additional 150,301 shares during the last quarter. Millennium Management LLC raised its holdings in Texas Capital Bancshares by 60.6% during the 4th quarter. Millennium Management LLC now owns 385,477 shares of the bank’s stock worth $30,144,000 after purchasing an additional 145,393 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Texas Capital Bancshares by 22.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 744,833 shares of the bank’s stock worth $58,246,000 after purchasing an additional 138,734 shares during the last quarter. 96.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TCBI shares. DA Davidson dropped their target price on shares of Texas Capital Bancshares from $90.00 to $87.00 and set a “neutral” rating on the stock in a research report on Friday, January 24th. StockNews.com upgraded shares of Texas Capital Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. decreased their price target on shares of Texas Capital Bancshares from $81.00 to $80.00 and set an “underweight” rating on the stock in a research note on Friday, January 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $95.00 price target (down previously from $100.00) on shares of Texas Capital Bancshares in a research note on Wednesday, January 29th. Finally, Hovde Group decreased their price target on shares of Texas Capital Bancshares from $90.00 to $84.00 and set a “market perform” rating on the stock in a research note on Friday, March 7th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Texas Capital Bancshares has an average rating of “Hold” and an average price target of $79.47.

Texas Capital Bancshares Stock Up 1.1 %

Shares of NASDAQ TCBI opened at $76.22 on Thursday. The firm’s 50-day simple moving average is $78.22 and its 200 day simple moving average is $78.23. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 59.55, a price-to-earnings-growth ratio of 0.75 and a beta of 1.13. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.22. Texas Capital Bancshares has a 12-month low of $54.68 and a 12-month high of $91.80.

Texas Capital Bancshares (NASDAQ:TCBI) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.36. Texas Capital Bancshares had a net margin of 3.99% and a return on equity of 9.14%. On average, research analysts expect that Texas Capital Bancshares will post 5.84 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.