Texas Capital ETF (TXS) Touches Fresh 52-Week High
For investors seeking momentum, Texas Capital Texas Equity Index ETF TXS is probably on the radar now. The fund just hit a 52-week high and is up 20.3% from its 52-week low price of $34.46 per share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
TXS in Focus
It seeks to capitalize on the macroeconomic trends of companies located in Texas’ favorable business climate. The product charges 49 basis points (bps) in annual fees (See: All Style Box All-Cap Blend ETFs here).
What Led to the Rise?
The TXS fund likely benefited from broad-based earnings beats in core sectors — notably healthcare, energy, and financial services. Coupled with Texas' favorable tax climate and corporate migration trends, robust regional GDP growth must have also fueled investor confidence and driven sustained upside in the fund, propelling it to a new 52-week peak.
More Gains Ahead?
TXS may continue its strong performance in the near term, with a positive weighted alpha of 20.66 (as per Barchart.com), which suggests a further rally.
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Texas Capital Texas Equity Index ETF (TXS): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
