Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Company’s common stock is traded on The Nasdaq Global Select Market under the symbol “TCBI”. On February 8, 2023, there were approximately 150 holders of record of the Company’s common stock. The Company has not paid any cash dividends on its common stock since it commenced operations and has no plans to do so in the foreseeable future.
Stock Performance Graph
The following table and graph sets forth the cumulative total stockholder return for the Company’s common stock for the five-year period ending on December 31, 2022, compared to an overall stock market index (Russell 2000 Index) and two of the Company’s peer group indexes (Nasdaq Bank Index and KBW Bank Index). The Russell 2000 Index (Bloomberg: RTY), Nasdaq Bank Index (Bloomberg: CBNK) and KBW Bank Index (Bloomberg: BKX) are based on total returns assuming reinvestment of dividends. The graph assumes an investment of $100 on December 31, 2017. The performance graph represents past performance and should not be considered to be an indication of future performance.
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Texas Capital Bancshares, Inc. $ 100.00 $ 57.47 $ 63.86 $ 66.93 $ 67.77 $ 67.84
Russell 2000 Index 100.00 88.09 108.77 128.34 145.86 114.91
Nasdaq Bank Index 100.00 82.73 100.13 89.85 124.91 102.22
KBW Bank Index 100.00 80.67 107.28 93.40 124.43 95.49
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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On April 19, 2022, the Company’s board of directors authorized the Company to repurchase up to $150.0 million of its outstanding shares of common stock. The table below provides information of share repurchases for the year ended December 31, 2022.
Total Number of Approximate Dollar Value
Shares Purchased as Part of Shares That May Yet
Total Number of Average Price Paid of Publicly Announced Be Purchased Under the
Shares Purchased per Share Plans or Programs Plans or Programs(1)
May 2022 902,418 $ 53.22 902,418 $ 101,975,648
June 2022 39,461 50.66 39,461 99,976,436
July 2022 — — — 99,976,436
August 2022 — — — 99,976,436
September 2022 — — — 99,976,436
October 2022 — — — 99,976,436
November 2022 — — — 99,976,436
December 2022 1,141,239 57.20 1,141,239 34,697,754
Total 2,083,118 $ 55.35 2,083,118 $ 34,697,754
In January 2023, the Company repurchased 564,206 shares of common stock at a weighted average price of $61.50, completing the full $150.0 million of repurchases authorized by the Company’s board of directors on April 19, 2022.
On January 18, 2023, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $150.0 million in shares of outstanding common stock. Any repurchases under the repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which we repurchase shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, our capital position and amount of retained earnings, regulatory requirements and other considerations. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time.
ITEM 6. [RESERVED]
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