Phocas Financial Corp. Sells 7,268 Shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI)

Phocas Financial Corp. trimmed its stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,360 shares of the bank’s stock after selling 7,268 shares during the quarter. Phocas Financial Corp.’s holdings in Texas Capital Bancshares were worth $8,387,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. AQR Capital Management LLC lifted its holdings in Texas Capital Bancshares by 87.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,087,715 shares of the bank’s stock valued at $65,219,000 after purchasing an additional 506,094 shares during the last quarter. Millennium Management LLC lifted its stake 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 worth $22,767,000 after buying an additional 221,454 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in shares of Texas Capital Bancshares during the 2nd quarter worth about $11,489,000. American Century Companies Inc. grew its stake in Texas Capital Bancshares by 43.8% in the 2nd quarter. American Century Companies Inc. now owns 562,507 shares of the bank’s stock valued at $34,392,000 after buying an additional 171,263 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Texas Capital Bancshares by 1,905.7% in the 2nd quarter. SG Americas Securities LLC now owns 78,864 shares of the bank’s stock valued at $4,822,000 after acquiring an additional 74,932 shares during the period. 96.88% of the stock is currently owned by institutional investors.

Texas Capital Bancshares Stock Down 1.2 %

Shares of NASDAQ:TCBI opened at $86.01 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.01 and a quick ratio of 1.01. Texas Capital Bancshares, Inc. has a 1-year low of $53.16 and a 1-year high of $91.29. The firm has a fifty day moving average price of $76.23 and a 200 day moving average price of $66.96. The stock has a market cap of $3.97 billion, a P/E ratio of 477.83, a P/E/G ratio of 0.83 and a beta of 1.12.

Texas Capital Bancshares (NASDAQ:TCBI) last released its earnings results on Thursday, October 17th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.65. Texas Capital Bancshares had a return on equity of 8.06% and a net margin of 1.40%. The company had revenue of $304.91 million during the quarter, compared to the consensus estimate of $279.64 million. Sell-side analysts predict that Texas Capital Bancshares, Inc. will post 4.15 EPS for the current year.

Insider Buying and Selling at Texas Capital Bancshares

In other news, Director Robert W. Stallings purchased 20,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were bought at an average cost of $21.28 per share, with a total value of $425,600.00. Following the purchase, the director now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.53% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on TCBI. Bank of America raised shares of Texas Capital Bancshares from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $77.00 in a report on Monday, September 9th. Wedbush reaffirmed a “sector perform” rating on shares of Texas Capital Bancshares in a research report on Friday, October 18th. JPMorgan Chase & Co. upped their price target on Texas Capital Bancshares from $72.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, October 18th. Citigroup reiterated a “sell” rating and set a $60.00 price objective on shares of Texas Capital Bancshares in a research report on Monday, July 22nd. Finally, DA Davidson boosted their price objective on shares of Texas Capital Bancshares from $73.00 to $81.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $74.00.

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.