Short Interest in Texas Capital Bancshares, Inc. (NASDAQ:TCBI) Drops By 20.1%

Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, a drop of 20.1% from the October 15th total of 1,540,000 shares. Approximately 2.7% of the shares of the company are short sold. Based on an average daily volume of 438,300 shares, the days-to-cover ratio is currently 2.8 days.

Insiders Place Their Bets

In related news, Director Robert W. Stallings acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were acquired at an average price of $21.28 per share, with a total value of $425,600.00. Following the acquisition, the director now owns 84,587 shares of the company’s stock, valued at approximately $1,800,011.36. This trade represents a 30.97 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.99% of the company’s stock.

Institutional Trading of Texas Capital Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its position in shares of Texas Capital Bancshares by 87.0% during the second quarter. AQR Capital Management LLC now owns 1,087,715 shares of the bank’s stock valued at $65,219,000 after buying an additional 506,094 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Texas Capital Bancshares by 146.7% during the 2nd quarter. Millennium Management LLC now owns 372,370 shares of the bank’s stock valued at $22,767,000 after acquiring an additional 221,454 shares during the last quarter. Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Texas Capital Bancshares during the 2nd quarter valued at about $11,489,000. American Century Companies Inc. grew its stake in shares of Texas Capital Bancshares by 43.8% in the second quarter. American Century Companies Inc. now owns 562,507 shares of the bank’s stock worth $34,392,000 after acquiring an additional 171,263 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Texas Capital Bancshares by 15.4% during the third quarter. Wellington Management Group LLP now owns 1,123,221 shares of the bank’s stock valued at $80,265,000 after purchasing an additional 150,301 shares during the last quarter. Institutional investors own 96.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank of Canada raised their price objective on shares of Texas Capital Bancshares from $73.00 to $83.00 and gave the company a “sector perform” rating in a research report on Friday, October 18th. Hovde Group upped their price objective on Texas Capital Bancshares from $73.00 to $79.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. StockNews.com raised Texas Capital Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. DA Davidson raised their price objective on Texas Capital Bancshares from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, Piper Sandler lowered Texas Capital Bancshares from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $77.00 to $82.00 in a research note on Friday, October 18th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Texas Capital Bancshares has a consensus rating of “Hold” and a consensus target price of $74.00.

Texas Capital Bancshares Stock Down 2.1 %

TCBI stock traded down $1.85 during midday trading on Friday, hitting $87.04. The stock had a trading volume of 488,618 shares, compared to its average volume of 430,471. Texas Capital Bancshares has a 52-week low of $53.16 and a 52-week high of $91.29. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 483.56, a price-to-earnings-growth ratio of 0.85 and a beta of 1.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50-day moving average of $75.87 and a two-hundred day moving average of $66.65.

Texas Capital Bancshares (NASDAQ:TCBI) last released its earnings results on Thursday, October 17th. The bank reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.65. The firm had revenue of $304.91 million for the quarter, compared to analysts’ expectations of $279.64 million. Texas Capital Bancshares had a return on equity of 8.06% and a net margin of 1.40%. As a group, equities research analysts forecast that Texas Capital Bancshares will post 4.15 earnings per share for the current fiscal year.

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.