Principal Financial Group Inc. Lowers Stock Position in Texas Capital Bancshares, Inc. (NASDAQ:TCBI)

Principal Financial Group Inc. cut its holdings in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI) by 15.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 181,272 shares of the bank’s stock after selling 34,357 shares during the period. Principal Financial Group Inc. owned 0.38% of Texas Capital Bancshares worth $9,336,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Ameritas Advisory Services LLC purchased a new position in shares of Texas Capital Bancshares during the first quarter worth approximately $32,000. US Bancorp DE grew its position in Texas Capital Bancshares by 64.7% in the 1st quarter. US Bancorp DE now owns 771 shares of the bank’s stock valued at $38,000 after buying an additional 303 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in Texas Capital Bancshares by 25.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,049 shares of the bank’s stock valued at $63,000 after buying an additional 210 shares during the last quarter. Headlands Technologies LLC purchased a new position in Texas Capital Bancshares in the 2nd quarter valued at $67,000. Finally, Tower Research Capital LLC TRC grew its position in Texas Capital Bancshares by 38.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,315 shares of the bank’s stock valued at $113,000 after buying an additional 643 shares during the last quarter. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TCBI has been the topic of a number of analyst reports. Truist Financial lowered their price objective on shares of Texas Capital Bancshares from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, October 23rd. Royal Bank of Canada lowered their price objective on shares of Texas Capital Bancshares from $68.00 to $66.00 and set a “sector perform” rating on the stock in a research report on Friday, October 20th. Raymond James reduced their target price on Texas Capital Bancshares from $72.00 to $69.00 and set a “strong-buy” rating for the company in a report on Wednesday, November 15th. Jefferies Financial Group raised their target price on Texas Capital Bancshares from $60.00 to $64.00 in a report on Tuesday, October 10th. Finally, StockNews.com began coverage on Texas Capital Bancshares in a report on Thursday, October 5th. They issued a “sell” rating for the company. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.00.

Insider Transactions at Texas Capital Bancshares

In related news, Director Robert W. Stallings sold 7,000 shares of Texas Capital Bancshares stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $54.14, for a total transaction of $378,980.00. Following the completion of the sale, the director now owns 281,000 shares in the company, valued at approximately $15,213,340. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Robert W. Stallings sold 7,000 shares of Texas Capital Bancshares stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $54.14, for a total transaction of $378,980.00. Following the completion of the sale, the director now owns 281,000 shares in the company, valued at approximately $15,213,340. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert W. Stallings acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The shares were bought at an average price of $53.15 per share, with a total value of $53,150.00. Following the transaction, the director now owns 279,000 shares in the company, valued at approximately $14,828,850. The disclosure for this purchase can be found here. Insiders bought 18,000 shares of company stock valued at $870,050 in the last 90 days. 0.99% of the stock is currently owned by insiders.

Texas Capital Bancshares Trading Down 0.4 %

NASDAQ:TCBI opened at $54.72 on Tuesday. The company has a market capitalization of $2.63 billion, a PE ratio of 7.35, a price-to-earnings-growth ratio of 1.69 and a beta of 1.27. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.31. Texas Capital Bancshares, Inc. has a 52-week low of $42.79 and a 52-week high of $69.26. The stock has a fifty day simple moving average of $57.45 and a 200-day simple moving average of $56.46.

Texas Capital Bancshares (NASDAQ:TCBI) last released its quarterly earnings results on Thursday, October 19th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.17. The business had revenue of $472.64 million during the quarter, compared to the consensus estimate of $267.89 million. Texas Capital Bancshares had a return on equity of 7.83% and a net margin of 19.39%. During the same quarter in the previous year, the company posted $0.74 EPS. On average, equities research analysts expect that Texas Capital Bancshares, Inc. will post 4.08 earnings per share for the current fiscal year.

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, and wealth management services.