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

Principal Financial Group Inc. cut its stake in shares of Texas Capital Bancshares, Inc. (NASDAQ:TCBI - Free Report) by 31.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,238 shares of the bank's stock after selling 49,195 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Texas Capital Bancshares worth $7,663,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. AlphaMark Advisors LLC lifted its holdings in shares of Texas Capital Bancshares by 2.6% during the 3rd quarter. AlphaMark Advisors LLC now owns 5,396 shares of the bank's stock worth $386,000 after acquiring an additional 139 shares during the period. Blue Trust Inc. lifted its stake in shares of Texas Capital Bancshares by 89.9% in the third quarter. Blue Trust Inc. now owns 357 shares of the bank's stock valued at $26,000 after buying an additional 169 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Texas Capital Bancshares by 3.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 5,366 shares of the bank's stock valued at $383,000 after acquiring an additional 180 shares in the last quarter. Tectonic Advisors LLC increased its stake in Texas Capital Bancshares by 1.1% in the 3rd quarter. Tectonic Advisors LLC now owns 22,818 shares of the bank's stock valued at $1,631,000 after buying an additional 244 shares during the last quarter. Finally, SummerHaven Investment Management LLC lifted its holdings in Texas Capital Bancshares by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 13,540 shares of the bank's stock worth $828,000 after acquiring an additional 257 shares during the period. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Texas Capital Bancshares

In related news, Director Robert W. Stallings acquired 20,000 shares of the business's stock in a transaction dated Tuesday, October 22nd. The stock was bought at an average price of $21.28 per share, with a total value of $425,600.00. Following the acquisition, the director now owns 84,587 shares in the company, valued at $1,800,011.36. This represents a 30.97 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.53% of the company's stock.

Texas Capital Bancshares Stock Down 2.3 %

Shares of TCBI stock traded down $2.00 during mid-day trading on Wednesday, reaching $83.90. 611,907 shares of the company were exchanged, compared to its average volume of 431,216. The company has a market capitalization of $3.88 billion, a P/E ratio of 477.22, a P/E/G ratio of 0.83 and a beta of 1.12. The business's 50 day simple moving average is $76.59 and its 200 day simple moving average is $67.14. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.01. Texas Capital Bancshares, Inc. has a fifty-two week low of $53.16 and a fifty-two week high of $91.29.

Texas Capital Bancshares (NASDAQ:TCBI - Get Free Report) last posted its earnings results on Thursday, October 17th. The bank reported $1.62 earnings per share (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 for the quarter, compared to analysts' expectations of $279.64 million. Research analysts predict that Texas Capital Bancshares, Inc. will post 4.15 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on TCBI. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $74.00 target price on shares of Texas Capital Bancshares in a research report on Monday, September 9th. Raymond James upgraded Texas Capital Bancshares from a "market perform" rating to an "outperform" rating and set a $78.00 price target on the stock in a research report on Tuesday, September 17th. JPMorgan Chase & Co. increased their target price on shares of Texas Capital Bancshares from $72.00 to $80.00 and gave the stock an "underweight" rating in a report on Friday, October 18th. Truist Financial lifted their price target on shares of Texas Capital Bancshares from $80.00 to $86.00 and gave the company a "hold" rating in a report on Monday, October 21st. Finally, Piper Sandler lowered Texas Capital Bancshares from an "overweight" rating to a "neutral" rating and increased their target price for the stock from $77.00 to $82.00 in a research report on Friday, October 18th. Four investment 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $74.00.

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.