Texas Capital Bancshares (NASDAQ:TCBI) Shares Gap Down Following Weak Earnings

Shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $65.15, but opened at $62.50. Texas Capital Bancshares shares last traded at $65.14, with a volume of 105,542 shares changing hands.

The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Texas Capital Bancshares had a net margin of 3.99% and a return on equity of 9.14%.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on 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. Hovde Group cut their price objective on Texas Capital Bancshares from $90.00 to $84.00 and set a “market perform” rating for the company in a research report on Friday, March 7th. Stephens cut their target price on shares of Texas Capital Bancshares from $102.00 to $97.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reissued 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, DA Davidson cut their price objective on shares of Texas Capital Bancshares from $90.00 to $87.00 and set a “neutral” rating on the stock in a report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $80.36.

Insider Buying and Selling at Texas Capital Bancshares

In other news, Director Robert W. Stallings acquired 5,670 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was purchased at an average price of $27.60 per share, with a total value of $156,492.00. Following the purchase, the director now owns 180,893 shares of the company’s stock, valued at approximately $4,992,646.80. This trade represents a 3.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders bought 29,402 shares of company stock valued at $653,787. 1.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Texas Capital Bancshares

A number of institutional investors have recently modified their holdings of TCBI. Picton Mahoney Asset Management acquired a new stake in Texas Capital Bancshares in the 4th quarter worth approximately $30,000. Assetmark Inc. bought a new stake in shares of Texas Capital Bancshares in the fourth quarter valued at about $32,000. Venturi Wealth Management LLC acquired a new stake in Texas Capital Bancshares during the fourth quarter worth about $37,000. R Squared Ltd bought a new position in Texas Capital Bancshares during the fourth quarter valued at about $41,000. Finally, UMB Bank n.a. raised its holdings in Texas Capital Bancshares by 1,089.8% in the 1st quarter. UMB Bank n.a. now owns 583 shares of the bank’s stock valued at $44,000 after acquiring an additional 534 shares in the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.

Texas Capital Bancshares Price Performance

The company has a market cap of $3.03 billion, a P/E ratio of 51.38, a P/E/G ratio of 0.75 and a beta of 0.74. The stock has a 50-day simple moving average of $73.93 and a 200 day simple moving average of $78.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.00 and a current ratio of 1.00.

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.