Change featured text in featured slider

I also love your theme and have figured most things out thanks to this thread! I do have one question which I do not see mentioned above. I would like to change the text within the gray box inside the slider. When I upload the feature image, I tried adding the caption there thinking that would work but it doesn’t. Instead the page or menu title appears and I would like to change that. Is it possible?

Text displayed in featured text block is Post/Page title and Excerpt. You can change Excerpt via Post edit screen. There is a box called Excerpt underneath the Post Edit Screen.
If you can’t see Excerpt box there you can enable it via Screen Option in the upper right corner in Post Edit Screen.