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Fly News Breaks for December 18, 2019
TCBI, IBTX
Dec 18, 2019 | 09:17 EDT
Stephens analyst Matt Olney downgraded Independent Bank (IBTX) to Equal Weight from Overweight with a price target of $67, up from $61, after updating his forecasts to include the Texas Capital (TCBI) merger of equals that is expected to close in mid-2020. He is concerned that the EPS run-rate from Texas Capital could require a near-term negative revision for the combined bank and has intermediate term worries that deal execution could present challenges given the banks' dissimilar business models. Over the longer-term, though, Olney said the financial attractiveness of the acquisition is "unquestioned" and the increased scale in the metro-Texas market could make it an attractive franchise in a takeout scenario.
News For IBTX;TCBI From the Last 2 Days
TCBI
Apr 21, 2021 | 16:05 EDT
Reports Q1 book value per share $53.59. Reports Q1 CET1 capital ratio 10.2%. Reports Q1 net charge-offs .11%. "In my first 90 days as CEO, we have achieved momentum in establishing the foundation from which we can move forward," said Rob Holmes, president and CEO. "In the first quarter alone, we were able to execute the largest capital raise in our history and close on our first warehouse lending credit risk transfer transaction, both of which position TCBI for future growth. Looking ahead, we will continue to supplement our workforce with new talent, take steps to drive shareholder value and develop our fulsome long-term strategy. As promised, I look forward to sharing it with you in the third quarter."