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Texas Capital resumed with a Hold at Jefferies » 08:1706/0206/02/20
Jefferies analyst Casey…
Jefferies analyst Casey Haire resumed coverage of Texas Capital (TCBI) with a Hold rating and $30 price target following the termination of the planned merger of equals agreement with Independent Bank (IBTX). Haire recommends evaluating Texas Capital based on fundamentals as an independent bank given the view that another M&A transaction is "highly unlikely" amid macro uncertainty due to COVID-19. While the stock's cheap valuation offers downside support, uncertainty around key issues such as credit quality and CEO succession "are big overhangs," Haire added.
Independent Bank upgraded to Outperform from Market Perform at Raymond James » 10:1005/2605/26/20
As previously reported,…
As previously reported, Raymond James analyst Michael Rose upgraded Independent Bank (IBTX) to Outperform from Market Perform with a $41 price target. The upgrade follows the announcement that Independent Bank's pending merger of equals with Texas Capital (TCBI) has been terminated, with both sides agreeing to terminate the deal and the $115M termination fee not being paid by either side. Rose believes Independent Bank should go back to trading at similar pre-deal multiples, and views the stock's risk/reward positively.
Texas Capital trading resumes 09:3505/2605/26/20
Texas Capital trading halted, volatility trading pause 09:3005/2605/26/20
Texas Capital downgraded to Market Perform from Outperform at Keefe Bruyette » 09:0405/2605/26/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Brady Gailey downgraded Texas Capital Bancshares (TCBI) to Market Perform from Outperform with a price target of $38, down from $46.50. The analyst downgraded the shares following the terminated merger agreement with Independent Bank (IBTX).
Texas Capital downgraded to Neutral from Overweight at Piper Sandler » 08:0805/2605/26/20
Piper Sandler analyst…
Piper Sandler analyst Brad Milsaps downgraded Texas Capital Bancshares (TCBI) to Neutral from Overweight with a price target of $26, down from $41. The analyst downgraded the shares following the termination of the company's merger of equals agreement with Independent Bank (IBTX). Milsaps reiterates an Overweight rating on Independent Bank.
Texas Capital president, CEO C. Keith Cargill steps down » 07:0905/2605/26/20
Texas Capital Bank…
Texas Capital Bank announced that C. Keith Cargill has stepped down as President and CEO and a member of the Board of Directors of both companies, effective immediately. Larr. Helm, who has served as Chairman of the Texas Capital Bancshares Board since 2012, will serve as Executive Chair, CEO and President of both companies until a permanent successor has been named. Mr. Cargill will serve as Vice Chairman of both companies through the end of 2020 to help support a smooth transition. In addition, James H. Browning, an independent director and member of the Texas Capital Bancshares Board since 2009, has been appointed Lead Director. Texas Capital Bancshares' Board intends to conduct a search process to identify a permanent CEO and continues to be engaged with Egon Zehnder, a leading executive search firm, as part of the Board's robust and ongoing succession planning process. Helm has served as a director of the Texas Capital Bancshares Board since 2006.
Texas Capital to terminate proposed merger with Independent Bank » 07:0305/2605/26/20
Texas Capital Bancshares…
Texas Capital Bancshares (TCBI), the parent company of Texas Capital Bank announced that Texas Capital Bancshares, Inc. and Independent Bank Group (IBTX), the holding company for Independent Bank, have mutually agreed to terminate their merger agreement, previously announced on December 9, 2019, under which the companies had agreed to combine in an all-stock merger of equals. The termination was approved by both companies' boards of directors after careful consideration and given the significant impact of the COVID-19 pandemic on global markets and on the companies' ability to fully realize the benefits they expected to achieve through the merger. Neither party will pay any termination fee as a result of the mutual decision to terminate the merger agreement.
Independent Bank still urges shareholders to approve Texas Capital merger » 17:0404/2704/27/20
As previously disclosed,…
As previously disclosed, Independent Bank (IBTX) entered into a merger agreement with Texas Capital Bancshares, Inc. (TCBI) on December 9, 2019, providing for a merger of equals of the Company and TCBI. In response to a request received from TCBI and in accordance with the merger agreement, the Company and its Board of Directors reaffirm their recommendation that the Company's shareholders approve the merger agreement at a special meeting of the Company's shareholders to be held to consider and vote on the approval of the merger agreement and certain related matters.
Texas Capital reports Q1 EPS (38c), may not compare to consensus 99c » 16:0704/2204/22/20
On a fully diluted basis,…
On a fully diluted basis, Q1 EPS was (38c). The decline in net income for Q1 resulted primarily from a $76.0M increase in the provision for credit losses. Q1 also includes $10.0M in MSR impairment, or 16c per share, and $7.3M, or 11c per share, in merger-related expenses.