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 10, 2025, there were approximately 130 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 set forth the cumulative total stockholder return for the Company’s common stock for the five-year period ending on December 31, 2024, 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, 2019. The performance graph represents past performance and should not be considered to be an indication of future performance.
12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Texas Capital Bancshares, Inc. $ 100.00 $ 104.81 $ 106.13 $ 106.24 $ 113.85 $ 137.75
Russell 2000 Index 100.00 117.99 134.10 105.65 121.77 133.74
Nasdaq Bank Index 100.00 89.74 124.75 102.08 96.13 112.02
KBW Bank Index 100.00 87.06 115.99 89.01 85.59 112.81
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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The Company repurchased shares of its common stock in the open market during 2024 as follows:
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(1) Plans or Programs Plans or Programs(1)
First Quarter
January 2024 — $ — — $ 150,000,000
February 2024 112,215 58.23 112,215 143,466,072
March 2024 417,123 59.55 417,123 118,624,951
Total 529,338 $ 59.27 529,338 118,624,951
Second Quarter
April 2024 393,914 $ 58.46 393,914 95,596,029
May 2024 41,597 58.64 41,597 93,156,593
June 2024 416,587 57.78 416,587 69,085,247
Total 852,098 $ 58.14 852,098 69,085,247
Third Quarter
July 2024 — $ — — 69,085,247
August 2024 — — — 69,085,247
September 2024 — — — 69,085,247
Total — $ — — 69,085,247
Fourth Quarter
October 2024 — $ — — 69,085,247
November 2024 — — — 69,085,247
December 2024 — — — 69,085,247
Total — $ — — $ 69,085,247
Year to date total 1,381,436 $ 58.57 1,381,436 $ 69,085,247
(1) The approximate dollar value of shares that may yet be purchased under the plans or programs and average price paid per share do not include the effect of excise tax expense incurred on net stock repurchases.
On January 17, 2024, the Company’s board of directors authorized a share repurchase program under which the Company could repurchase up to $150.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. Remaining repurchase authorization under the January 18, 2023 share repurchase program was terminated upon authorization of this new program.
On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. The share repurchase program expires on January 31, 2026, but may be suspended or discontinued at any time. Remaining repurchase authorization under the January 17, 2024 share repurchase program was terminated upon authorization of this new program.
Any repurchases under the Company’s 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 the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations.
ITEM 6. [RESERVED]
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