Millennium Management LLC Boosts Stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI)

Millennium Management LLC lifted its holdings in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI) by 146.7% in the second quarter, HoldingsChannel.com reports. The firm owned 372,370 shares of the bank’s stock after acquiring an additional 221,454 shares during the quarter. Millennium Management LLC’s holdings in Texas Capital Bancshares were worth $22,767,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. D. E. Shaw & Co. Inc. increased its holdings in Texas Capital Bancshares by 11.2% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 381,462 shares of the bank’s stock valued at $23,323,000 after purchasing an additional 38,393 shares during the last quarter. 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 worth $65,219,000 after buying an additional 506,094 shares during the period. Gabelli Funds LLC boosted its position in shares of Texas Capital Bancshares by 54.6% during the second quarter. Gabelli Funds LLC now owns 10,050 shares of the bank’s stock worth $614,000 after buying an additional 3,550 shares during the period. Sei Investments Co. grew its stake in shares of Texas Capital Bancshares by 8.5% in the second quarter. Sei Investments Co. now owns 152,887 shares of the bank’s stock valued at $9,347,000 after buying an additional 12,041 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Texas Capital Bancshares in the 2nd quarter valued at $770,000. 96.88% of the stock is owned by institutional investors and hedge funds.

Texas Capital Bancshares Trading Up 2.4 %

NASDAQ:TCBI opened at $72.00 on Friday. Texas Capital Bancshares, Inc. has a 1 year low of $52.89 and a 1 year high of $74.57. The stock has a market cap of $3.33 billion, a P/E ratio of 21.82, a P/E/G ratio of 0.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.00. The stock has a 50-day simple moving average of $66.14 and a 200-day simple moving average of $62.25.

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Bank of America raised Texas Capital Bancshares from an “underperform” rating to a “buy” rating and lifted their target price for the company from $51.00 to $77.00 in a research report on Monday, September 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $74.00 price objective on shares of Texas Capital Bancshares in a report on Monday, September 9th. DA Davidson increased their target price on shares of Texas Capital Bancshares from $65.00 to $74.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Stephens raised their price target on shares of Texas Capital Bancshares from $73.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Jefferies Financial Group cut their price objective on Texas Capital Bancshares from $64.00 to $61.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $69.20.

Insider Activity at Texas Capital Bancshares

In related news, Director Robert W. Stallings purchased 4,000 shares of Texas Capital Bancshares stock in a transaction that occurred on Thursday, July 25th. The stock was purchased at an average cost of $20.62 per share, with a total value of $82,480.00. Following the completion of the transaction, the director now directly owns 12,794 shares in the company, valued at approximately $263,812.28. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Texas Capital Bancshares news, Director Robert W. Stallings bought 15,000 shares of Texas Capital Bancshares stock in a transaction dated Friday, August 2nd. The stock was acquired 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert W. Stallings purchased 4,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were bought at an average cost of $20.62 per share, for a total transaction of $82,480.00. Following the acquisition, the director now owns 12,794 shares of the company’s stock, valued at approximately $263,812.28. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 43,500 shares of company stock valued at $876,400 in the last ninety days. 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.