Texas Capital's (TCBI) Q1 results reflect a significant rise in provisions, owing to the adoption of CECL, reserve build related to the pandemic and higher expenses.
Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State Building in New York City, is investigating Texas Capital Bancshares, Inc. ("Texas Capital" or the "Company") (Nasdaq: TCBI) relating to the sale of the Company to Independent Bank Group, Inc. Under the terms of the sale, each share of Texas Capital common stock will be converted into the right to receive 1.0311 shares of Independent Bank Group common stock for each share of Texas Capital common stock owned.
Texas Capital (TCBI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Texas Capital Bancshares (TCBI) and Independent Bank (IBCP) have mutually agreed to terminate their merger agreement, previously announced on December 9, under which the parties had agreed to combine in an all-stock merger of equals.The companies have now entered into a Mutual Termination Agreement which was approved by the board of directors of both companies. Neither party will pay any termination fee. On the news Piper Sandler analyst Brad Milsaps downgraded TCBI from buy to hold, while slashing his price target from $41 to $26 (9% downside potential).David Brooks, CEO of Independent Bank Group (IBTX), said, “While both companies believed in the benefits of the proposed transaction when it was announced, we mutually concluded after careful consideration that, given the significant uncertainty caused by the COVID-19 pandemic and the resulting economic and market environment, it would not be prudent to continue to pursue the combination and integration of our companies at this time.”He added that the decision will allow each company to dedicate its focus and resources toward ensuring the strength of its business during these unprecedented times.Following the termination of the merger, Texas Capital also announced that C. Keith Cargill has stepped down as President and CEO and a member of the Board of Directors, effective immediately. However Cargill, who became CEO in 2014, will remain as Vice Chairman until the end of 2020.Larry L. Helm, who has served as Chairman of the Texas Capital Bancshares Board since 2012, will serve as Executive Chair, CEO and President until a permanent successor has been named, the company said.In addition, James H. Browning, an independent director and member of the Texas Capital Bancshares Board since 2009, has been appointed Lead Director.Elysia Ragusa, of Texas Capital, commented, “As part of our focus on succession planning, the Board believes that it is the right time for a transition in leadership as the Company executes a strategy to achieve enhanced operational focus and profitable, long-term value creation.”Shares in TCBI have plunged 50% year-to-date. Notably all seven analysts covering the stock rate it Hold, while the average analyst price target of $27 indicates a further 7% downside potential lies ahead. (See TCBI stock analysis on TipRanks).Related News: New HBO Max Streaming Service Will Go Live on Wednesday Alibaba Scores Earnings Beat With Revenue Surging 22% Y/Y Facebook Workplace Hits 5 Million Paid Users As Remote Work Demand Rises More recent articles from Smarter Analyst: * 3 "Strong Buy" Penny Stocks That Offer Massive Potential Gains * Logitech Shares Lifted In Pre-Market On Share Buyback Plan, 10% Dividend Boost * Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities * HBO Max Launches, But Not Yet Available on Amazon, Roku Platforms
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Texas Capital Bancshares, Inc. (NASDAQ: TCBI) ("Texas Capital") breached their fiduciary duties in connection with the proposed sale of the Company to Independent Bank Group, Inc. ("Independent Bank").
Texas Capital (TCBI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Banks heavily exposed to oil and gas saw massive declines on Monday as the coronavirus fears were compounded by tumbling oil prices.
Texas Capital (TCBI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Bragar Eagel & Squire, P.C., a nationally recognized stockholder law firm, has launched an investigation into whether the board members of Texas Capital Bancshares, Inc. (NASDAQ: TCBI) breached their fiduciary duties or violated the federal securities laws in connection with the company's proposed merger with Independent Bank Group, Inc.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), parent company of Texas Capital Bank, announced today the launch of Bask Bank, a digital savings account that earns American Airlines AAdvantage® miles instead of interest.
Texas Capital Bancshares and Independent Bank Group called off their merger on Tuesday, saying the coronavirus pandemic has hit markets too hard and crushed the benefits of tying up. The merger of these two Texas lenders would have created the second-largest bank by assets in the Lone Star state. While Texas has been looser than other states in applying quarantine measures, it still faces a sharp uptick in unemployment, with its energy sector hit hard by plunging oil prices.
Moody's keeps Texas Capital's (TCBI) outlook negative despite mutual termination of the merger with Independent Bank on approval of the boards of the companies.
Texas Capital (TCBI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
While growth in loan and deposit balances, and net revenues support People's United's (PBCT) Q1 earnings, higher non-interest expenses and provisions hurt.
Texas Capital's (TCBI) all-stock merger of equals with Independent Bank Group (IBTX) mutually terminated on approval of the boards of both companies.
Halper Sadeh LLP, a global investor rights law firm, continues to investigate whether the following proposed mergers are fair to shareholders. Halper Sadeh LLP may seek increased consideration, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders:
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
Texas Capital Bancshares and Independent Bank Group Inc said on Monday they would combine in a transaction structured as a merger of equals, creating the second-largest lender by assets headquartered in the Lone Star state. The combined company will have about $48 billion in assets and $39 billion in deposits, with legacy Texas Capital shareholders controlling 55% of the new bank, according to a joint statement. The deal will see Texas Capital shareholders receive 1.0311 shares of Independent Bank Group for each share they currently own, a 5.5% premium to Texas Capital's Friday close.
Texas Capital Bancshares Inc (NASDAQ: TCBI ) this week announced a merger with its smaller Texas-based peer Independent Bank Group Inc (NASDAQ: IBTX ). While the announcement was not surprising, the merger ...