The Manufacturers Life Insurance Company reduced its stake in Texas Capital Bancshares, Inc. (NASDAQ:TCBI) by 4.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 109,726 shares of the banks stock after selling 4,646 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.22% of Texas Capital Bancshares worth $8,493,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in TCBI. BNP Paribas Arbitrage SA increased its stake in Texas Capital Bancshares by 79.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 32,083 shares of the banks stock worth $2,483,000 after buying an additional 14,241 shares in the last quarter. Sapience Investments LLC purchased a new stake in Texas Capital Bancshares in the 2nd quarter worth $8,909,000. Kennedy Capital Management Inc. increased its stake in Texas Capital Bancshares by 378.7% in the 2nd quarter. Kennedy Capital Management Inc. now owns 145,888 shares of the banks stock worth $11,292,000 after buying an additional 115,409 shares in the last quarter. US Bancorp DE increased its stake in Texas Capital Bancshares by 5.5% in the 2nd quarter. US Bancorp DE now owns 4,032 shares of the banks stock worth $312,000 after buying an additional 211 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Texas Capital Bancshares by 14.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 240,371 shares of the banks stock worth $20,059,000 after buying an additional 30,906 shares in the last quarter.
Texas Capital Bancshares (NASDAQ:TCBI) last posted its quarterly earnings results on Wednesday, October 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.01. The firm had revenue of $204.40 million for the quarter, compared to analysts expectations of $214.08 million. Texas Capital Bancshares had a net margin of 22.50% and a return on equity of 10.40%. The firms quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 earnings per share.
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In other Texas Capital Bancshares news, COO Peter B. Bartholow sold 3,500 shares of the stock in a transaction on Friday, October 20th. The shares were sold at an average price of $87.52, for a total transaction of $306,320.00. Following the sale, the chief operating officer now directly owns 34,171 shares of the companys stock, valued at $2,990,645.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider C Keith Cargill purchased 3,000 shares of the stock in a transaction dated Friday, August 11th. The shares were purchased at an average price of $74.15 per share, with a total value of $222,450.00. Following the transaction, the insider now directly owns 80,286 shares of the companys stock, valued at approximately $5,953,206.90. The disclosure for this purchase can be found here. Corporate insiders own 0.47% of the companys stock.
A number of brokerages have recently weighed in on TCBI. Barclays PLC set a $87.00 price objective on Texas Capital Bancshares and gave the company a hold rating in a research report on Friday, October 20th. Royal Bank Of Canada restated a buy rating on shares of Texas Capital Bancshares in a research report on Friday, October 20th. Bank of America Corporation restated a buy rating and set a $100.00 price objective (up previously from $97.00) on shares of Texas Capital Bancshares in a research report on Thursday, October 19th. SunTrust Banks, Inc. restated a buy rating and set a $95.00 price objective on shares of Texas Capital Bancshares in a research report on Thursday, October 19th. Finally, DA Davidson reaffirmed a neutral rating and issued a $90.00 price target on shares of Texas Capital Bancshares in a report on Thursday, October 19th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Texas Capital Bancshares has an average rating of Hold and a consensus target price of $89.60.
Texas Capital Bancshares, Inc is a bank holding and a financial holding company. The Company is the parent of Texas Capital Bank, National Association (the Bank). It offers a range of loan, deposit account and other financial products and services to its customers. It offers a range of products and services for its business customers, including commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; medium- and long-term tax-exempt loans for municipalities and other governmental and tax-exempt entities; wealth management and trust services, and letters of credit.
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