The Manufacturers Life Insurance Company Sells 1,260 Shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI)

The Manufacturers Life Insurance Company trimmed its stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI) by 2.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,806 shares of the bank’s stock after selling 1,260 shares during the period. The Manufacturers Life Insurance Company owned 0.12% of Texas Capital Bancshares worth $3,351,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TCBI. Innealta Capital LLC bought a new position in Texas Capital Bancshares in the second quarter worth about $26,000. CWM LLC grew its position in shares of Texas Capital Bancshares by 426.6% in the 1st quarter. CWM LLC now owns 674 shares of the bank’s stock worth $41,000 after buying an additional 546 shares during the last quarter. Mather Group LLC. bought a new position in shares of Texas Capital Bancshares during the 1st quarter worth approximately $50,000. Fidelis Capital Partners LLC purchased a new stake in Texas Capital Bancshares during the first quarter valued at approximately $54,000. Finally, Headlands Technologies LLC boosted its stake in Texas Capital Bancshares by 80.4% in the first quarter. Headlands Technologies LLC now owns 2,910 shares of the bank’s stock valued at $179,000 after acquiring an additional 1,297 shares in the last quarter. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Texas Capital Bancshares Stock Performance

Shares of NASDAQ TCBI opened at $73.18 on Wednesday. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 1.00 and a beta of 1.13. The company has a 50 day simple moving average of $66.48 and a two-hundred day simple moving average of $62.55. Texas Capital Bancshares, Inc. has a 12 month low of $52.89 and a 12 month high of $74.57. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23.

Texas Capital Bancshares (NASDAQ:TCBI) last announced its quarterly earnings results on Thursday, July 18th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.06). The company had revenue of $472.49 million for the quarter, compared to analyst estimates of $268.02 million. Texas Capital Bancshares had a return on equity of 6.05% and a net margin of 8.08%. During the same period in the prior year, the business posted $1.33 earnings per share. As a group, analysts predict that Texas Capital Bancshares, Inc. will post 3.53 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on TCBI shares. Truist Financial increased their price objective on Texas Capital Bancshares from $70.00 to $80.00 and gave the company a “hold” rating in a report on Friday, September 20th. Jefferies Financial Group decreased their price target on Texas Capital Bancshares from $64.00 to $61.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Bank of America raised Texas Capital Bancshares from an “underperform” rating to a “buy” rating and raised their price target for the stock from $51.00 to $77.00 in a report on Monday, September 9th. JPMorgan Chase & Co. upped their price objective on shares of Texas Capital Bancshares from $70.00 to $73.00 and gave the company an “underweight” rating in a report on Monday, September 9th. Finally, Hovde Group increased their price objective on shares of Texas Capital Bancshares from $66.00 to $73.00 and gave the company a “market perform” rating in a research report on Monday, September 23rd. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $69.20.

Insiders Place Their Bets

In other news, Director Robert W. Stallings purchased 15,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were purchased at an average cost of $20.00 per share, with a total value of $300,000.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at approximately $400,000. This represents a 300.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Texas Capital Bancshares news, Director Robert W. Stallings bought 14,000 shares of Texas Capital Bancshares stock in a transaction dated Wednesday, July 31st. The stock was acquired at an average cost of $19.93 per share, with a total value of $279,020.00. Following the purchase, the director now directly owns 55,294 shares in the company, valued at $1,102,009.42. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert W. Stallings bought 15,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were acquired at an average price of $20.00 per share, for a total transaction of $300,000.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at approximately $400,000. This represents a 300.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 43,500 shares of company stock worth $876,400. Corporate insiders own 0.99% of the company’s stock.

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.