Principal Financial Group Trims Holdings in Texas Capital Bancshares

In a recent development, Principal Financial Group Inc. has marginally decreased its investment in Texas Capital Bancshares, Inc. (NASDAQ:TCBI), based on the latest regulatory filing. Throughout the third quarter, Principal Financial Group sold 904 shares of the banking firm, bringing its total ownership down by 0.5%. Post the transaction, the financial institution held 180,368 shares, signifying approximately 0.38% of Texas Capital Bancshares, valued at around $10.6 million.

Hedge Funds Adjust Positions

Changes in Texas Capital Bancshares' stock holdings didn't stop with Principal Financial Group. Other hedge funds have been adjusting their stakes as well. Atwood & Palmer Inc. took a new stake in the company, investing $47,000 during the third quarter. Covestor Ltd increased its ownership by a substantial 25,350.0% in the second quarter, with new purchases amounting to 1,018 shares. Rockefeller Capital Management L.P. expanded its holdings by 25.0% to 1,049 shares in the fourth quarter. Moreover, Osaic Holdings Inc. raised its stake by 22.5% during the second quarter, now owning 1,088 shares. Lastly, Headlands Technologies LLC initiated a new position in the same quarter with an investment of $67,000. Institutional investors hold a commanding 96.88% share in Texas Capital Bancshares' stock.

Analyst Ratings See Adjustments

Equities analysts have also kept a close eye on TCBI, issuing various ratings. Citigroup commenced coverage with a "neutral" stance and a $57.00 target price. Conversely, Royal Bank of Canada updated their price target from $65.00 to $68.00, maintaining a "sector perform" rating. Jefferies Financial Group and Raymond James both increased their target prices, hinting at positive outlooks. Wedbush took a more cautious approach, reducing its price target and sustaining a "neutral" rating. The consensus among market analysts suggests a "Hold" rating with an average price target of approximately $65.67.

Recent Insider Activity

Texas Capital Bancshares has seen noteworthy insider transactions. Director Robert W. Stallings made significant moves by purchasing 4,000 shares at $19.93 each. Following the buy, Stallings' holdings rose to 131,706 shares, worth more than $2.6 million. Besides acquiring new stock, Stallings also sold 7,000 shares at an average price of $54.14, later purchasing an additional 4,000 shares. Such insider activities might reflect a strong belief in the company's future performance.

Company's Stock Performance

The bank's stock has shown moderate fluctuations, with the recent opening price at $60.26. While the fifty-day moving average hovered at $61.35, the two-hundred-day average was set at $60.02. Registered with a market cap of $2.89 billion, the company holds a PE ratio of 17.02, with a PEG ratio of 2.10, indicating potential growth expectations. The stock's beta sits at 1.21, showcasing its volatility in comparison to the market.

About Texas Capital Bancshares

Texas Capital Bancshares, Inc. is the parent company for Texas Capital Bank, offering a broad spectrum of financial services that include commercial banking solutions tailored to businesses and individuals. Their portfolio ranges from consumer banking to investment banking and wealth management services, catering to varied client needs.

Financial, Principal, TCBI, Investment, Stocks