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Asian equities traded in the US as American depositary receipts climbed Thursday morning with the S&P Asia 50 ADR Index up 0.2% to 1,996.5, paring earlier gains.
From North Asia, the gainers were led by polysilicon manufacturer Daqo New Energy and online education platform 17 Education & Technology Group , which rose 5.1% and 4.3% respectively. They were followed by mobile big data platform Aurora Mobile and solar project developer Emeren Group , which were up 4% and 3.8% respectively.
The decliners from North Asia were led by automotive ecommerce platform TuanChe (TC) and financial services company CNFinance , which fell 13% and 6.9% respectively. They were followed by diagnostic imaging centers company Concord Medical Services and pet-focused platform Boqii , which dropped 5.6% and 4% respectively.
From South Asia, the gainers were led by IT firms Infosys and Wipro , which climbed 7.4% and 3.5% respectively. They were followed by IT firm Sify Technologies and financial services company ICICI Bank , which increased 1% and 0.7% respectively.
The decliners from South Asia were led by biotech firm ASLAN Pharmaceuticals A, which lost 7.8%, followed by tech conglomerate Sea and telecommunications operator Telekomunikasi Indonesia , which were off 1% and 0.5% respectively.
U.S. stocks were higher, with the Dow Jones index gaining around 150 points on Thursday.
Shares of Cintas Corporation rose during Thursday's session after the company reported better-than-expected quarterly EPS and revenues.
Cintas reported fourth-quarter earnings per share of $3.99, beating the street view of $3.80. The company registered quarterly revenues of $2.471 billion, beating the street view of $2.468 billion, according to data from Benzinga Pro.
Cintas shares gained 5.3% to $758.25 on Thursday.
Here are some other big stocks recording gains in today’s session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Texas Capital Bancshares Inc TCBI.OQ reported quarterly adjusted earnings of 80 cents per share for the quarter ended in June, lower than the same quarter last year, when the company reported EPS of $1.33. The mean expectation of fifteen analysts for the quarter was for earnings of 86 cents per share. Wall Street expected results to range from 71 cents to 97 cents per share.
Revenue fell 1.4% to $267.01 million from a year ago; analysts expected $267.24 million.
Texas Capital Bancshares Inc's reported EPS for the quarter was 80 cents.
The company reported quarterly net income of $37.35 million.
Texas Capital Bancshares Inc shares had risen by 15.6% this quarter and gained 9.4% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had fallen by about 0.4% in the last three months.
In the last 30 days, five analysts negatively revised earnings estimates
RECOMMENDATIONS
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy," 9 "hold" and 3 "sell" or "strong sell."
The average consensus recommendation for the banks peer group is also "hold"
Wall Street's median 12-month price target for Texas Capital Bancshares Inc is $62.00
This summary was machine generated from LSEG data July 18 at 01:51 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jun. 30 2024 | 0.86 | 0.80 | Missed |
Mar. 31 2024 | 0.60 | 0.46 | Missed |
Dec. 31 2023 | 0.75 | 0.33 | Missed |
Sep. 30 2023 | 1.03 | 1.18 | Beat |
Keywords: TEXAS CAPITAL B-RESULTS/SUMMARY
For the quarter ended June 2024, Texas Capital reported revenue of $267.01 million, down 4% over the same period last year. EPS came in at $0.80, compared to $1.33 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $268.02 million, representing a surprise of -0.38%. The company delivered an EPS surprise of -8.05%, with the consensus EPS estimate being $0.87.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Texas Capital performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
View all Key Company Metrics for Texas Capital here>>>
Shares of Texas Capital have returned +22.6% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Zacks Investment Research
Texas Capital came out with quarterly earnings of $0.80 per share, missing the Zacks Consensus Estimate of $0.87 per share. This compares to earnings of $1.33 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -8.05%. A quarter ago, it was expected that this holding company for Texas Capital Bank would post earnings of $0.59 per share when it actually produced earnings of $0.62, delivering a surprise of 5.08%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Texas Capital, which belongs to the Zacks Banks - Southwest industry, posted revenues of $267.01 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.38%. This compares to year-ago revenues of $278 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Texas Capital shares have added about 9.4% since the beginning of the year versus the S&P 500's gain of 17.2%.
What's Next for Texas Capital?
While Texas Capital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Texas Capital: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.03 on $279.9 million in revenues for the coming quarter and $3.53 on $1.09 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southwest is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, ACNB , is yet to report results for the quarter ended June 2024.
This bank is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -27.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
ACNB's revenues are expected to be $26.66 million, down 5.4% from the year-ago quarter.
Zacks Investment Research
Texas Capital Bancshares, Inc., the parent company of Texas Capital Bank, has released its financial results for the second quarter of 2024. The company reported a net income of $41.7 million and net income available to common stockholders of $37.4 million, or $0.80 per diluted share. This represents a significant increase from the first quarter of 2024 but a decrease compared to the second quarter of 2023.
Financial Highlights
For the second quarter of 2024, Texas Capital Bancshares reported:
Business and Operational Highlights
Texas Capital Bancshares saw a growth in total loans held for investment, which reached $21.8 billion, up from $20.8 billion in the first quarter of 2024. The company also reported a decrease in non-interest bearing deposits, which fell to $7.99 billion from $8.48 billion in the previous quarter.
Strategic Initiatives and Corporate Developments
During the second quarter of 2024, Texas Capital Bancshares repurchased 852,098 shares of its common stock for an aggregate purchase price of $50.0 million. The company also redeemed in full its bank-issued senior unsecured credit-linked notes of $275.0 million, which impacted its regulatory ratios.
Management's Perspective
Rob C. Holmes, President and CEO, emphasized the company's focus on building a resilient platform capable of withstanding market and rate cycles. He highlighted the company's ability to deliver differentiated solutions for clients and its commitment to enhancing financial performance.
Future Outlook
The company remains optimistic about its strategic initiatives and financial performance, despite the challenges posed by the current economic environment. Management continues to focus on growth and maintaining strong capital ratios.
SEC Filing: TEXAS CAPITAL BANCSHARES INC/TX [ TCBI ] - 8-K - Jul. 18, 2024
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