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

Texas Capital Bancshares, Inc. (NASDAQ:TCBI) was the recipient of a large decrease in short interest in November. As of November 30th, there was short interest totalling 1,180,000 shares, a decrease of 21.3% from the November 15th total of 1,500,000 shares. Approximately 2.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 436,400 shares, the days-to-cover ratio is presently 2.7 days.

Wall Street Analyst Weigh In

A number of research firms recently commented on TCBI. Piper Sandler cut shares of Texas Capital Bancshares from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $77.00 to $82.00 in a research note on Friday, October 18th. Royal Bank of Canada upped their target price on Texas Capital Bancshares from $73.00 to $83.00 and gave the company a “sector perform” rating in a research note on Friday, October 18th. Barclays raised their price target on Texas Capital Bancshares from $60.00 to $71.00 and gave the stock an “underweight” rating in a research note on Thursday, December 5th. Raymond James upgraded Texas Capital Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price on the stock in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Texas Capital Bancshares from $72.00 to $80.00 and gave the company an “underweight” rating 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 given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $74.69.

Texas Capital Bancshares Stock Down 1.3 %

Shares of TCBI stock traded down $1.11 during trading hours on Friday, reaching $84.42. 311,711 shares of the company’s stock were exchanged, compared to its average volume of 424,461. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.22. Texas Capital Bancshares has a 1 year low of $54.68 and a 1 year high of $91.80. The stock has a market cap of $3.90 billion, a PE ratio of 469.00, a PEG ratio of 0.82 and a beta of 1.14. The stock’s fifty day moving average price is $82.50 and its two-hundred day moving average price is $70.34.

Texas Capital Bancshares (NASDAQ:TCBI) last issued its quarterly 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 company had revenue of $304.91 million during 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%. Research analysts predict that Texas Capital Bancshares will post 4.15 EPS for the current year.

Insider Activity

In other news, Director Robert W. Stallings acquired 20,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was bought at an average cost of $21.28 per share, with a total value of $425,600.00. Following the completion of the purchase, the director now directly owns 84,587 shares of the company’s stock, valued at $1,800,011.36. This represents a 30.97 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.99% of the company’s stock.

Hedge Funds Weigh In On Texas Capital Bancshares

Several institutional investors and hedge funds have recently modified their holdings of TCBI. CWM LLC grew its stake in Texas Capital Bancshares by 40.8% during the 2nd quarter. CWM LLC now owns 949 shares of the bank’s stock valued at $58,000 after acquiring an additional 275 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of Texas Capital Bancshares by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 13,540 shares of the bank’s stock valued at $828,000 after acquiring an additional 257 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Texas Capital Bancshares by 21.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,473 shares of the bank’s stock valued at $640,000 after acquiring an additional 1,882 shares during the period. Innealta Capital LLC acquired a new position in shares of Texas Capital Bancshares in the 2nd quarter worth approximately $26,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of Texas Capital Bancshares during the 2nd quarter worth approximately $2,029,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

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.