Zacks Investment Research upgraded shares of Texas Capital Bancshares Inc. (NASDAQ:TCBI) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $67.00 price target on the stock.
According to Zacks, “Texas Capital's third-quarter 2016 earnings per share outpaced the Zacks Consensus Estimate and also rose from the prior-year quarter. Results benefitted from higher revenues partially offset by elevated expenses and weak credit metrics. The company’s diversified fee income sources should continue to drive its top-line growth. Also, sustained improvement in loans and deposit balances highlights the company’s organic growth. Moreover, an eventual improvement in local economy and a sound business model should bolster the company’s future earnings. However, we remain cautious owing to several issues including deteriorating margins amid the low rate environment and the stricter regulatory landscape.”
TCBI has been the subject of several other reports. Wedbush started coverage on Texas Capital Bancshares in a report on Thursday, October 6th. They issued a neutral rating and a $54.00 price target for the company. Deutsche Bank AG boosted their price target on Texas Capital Bancshares from $56.00 to $66.00 and gave the company a buy rating in a report on Tuesday, October 11th. TheStreet cut shares of Texas Capital Bancshares from a buy rating to a hold rating in a research note on Tuesday, August 2nd. Raymond James Financial Inc. reissued an outperform rating and set a $54.00 price objective (up from $52.00) on shares of Texas Capital Bancshares in a research note on Thursday, July 21st. Finally, Barclays PLC boosted their price objective on shares of Texas Capital Bancshares from $52.00 to $58.00 and gave the company an equal weight rating in a research note on Tuesday, October 11th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Texas Capital Bancshares presently has an average rating of Hold and an average price target of $53.17.
Shares of Texas Capital Bancshares (NASDAQ:TCBI) opened at 58.90 on Tuesday. The firm has a market capitalization of $2.71 billion, a PE ratio of 20.74 and a beta of 1.47. Texas Capital Bancshares has a 1-year low of $29.78 and a 1-year high of $61.83. The firm has a 50-day moving average price of $55.26 and a 200-day moving average price of $49.55.
Texas Capital Bancshares (NASDAQ:TCBI) last issued its quarterly earnings results on Thursday, October 20th. The company reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.01. Texas Capital Bancshares had a return on equity of 9.15% and a net margin of 19.24%. During the same period in the prior year, the firm posted $0.75 earnings per share. On average, analysts forecast that Texas Capital Bancshares will post $3.03 EPS for the current fiscal year.
In other news, Director James H. Browning sold 2,500 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $52.55, for a total value of $131,375.00. Following the sale, the director now owns 8,314 shares in the company, valued at approximately $436,900.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steve Rosenberg sold 1,241 shares of the company’s stock in a transaction dated Wednesday, October 26th. The shares were sold at an average price of $59.27, for a total transaction of $73,554.07. Following the completion of the sale, the director now owns 45,314 shares in the company, valued at approximately $2,685,760.78. The disclosure for this sale can be found here. 1.08% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of TCBI. Channing Capital Management LLC raised its stake in Texas Capital Bancshares by 101.1% in the second quarter. Channing Capital Management LLC now owns 905,504 shares of the company’s stock valued at $42,341,000 after buying an additional 455,292 shares during the period. State Street Corp raised its stake in Texas Capital Bancshares by 23.4% in the first quarter. State Street Corp now owns 2,231,426 shares of the company’s stock valued at $85,639,000 after buying an additional 423,320 shares during the period. Frontier Capital Management Co. LLC raised its stake in Texas Capital Bancshares by 69.7% in the second quarter. Frontier Capital Management Co. LLC now owns 657,166 shares of the company’s stock valued at $30,729,000 after buying an additional 269,946 shares during the period. Rothschild Asset Management Inc. acquired a new stake in Texas Capital Bancshares during the third quarter valued at $14,251,000. Finally, Lord Abbett & CO. LLC acquired a new stake in Texas Capital Bancshares during the second quarter valued at $9,866,000.
About Texas Capital Bancshares
Texas Capital Bancshares, Inc is a bank holding and a financial holding company. The Company is the parent of Texas Capital Bank, National Association (the Bank). It offers a range of loans, deposit accounts and other financial products and services. It offers commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; real estate term and construction loans; mortgage finance lending; equipment leasing; treasury management services; wealth management and trust services, and letters of credit.