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Analysts downgrade Independent Bank, Texas Capital after MOE


Bank of America Securities analyst Ebrahim Poonawala downgraded Dallas-based Texas Capital Bancshares Inc. following its announced merger of equals with Independent Bank Group.

Poonawala wrote that the company's announced MOE with a smaller Texas peer is a "disappointing end to what had been one of the most promising growth banks ... over the last two decades." He noted that, generally, deal stocks have underperformed and that he sees some "deal-related execution risk."

The analyst downgraded the company's stock rating to "neutral" from "buy." His EPS estimates are $6.20 for 2019 and $5.65 for 2020.


Stephens analyst Matt Olney downgraded McKinney, Texas-based Independent Bank Group Inc., driven primarily by the franchise value and near-term risks related to its announced MOE with Texas Capital Bancshares.

The analyst wrote that he is concerned about deal execution due to challenges from dissimilar business models that could prolong the integration process.

The analyst downgraded the company's stock rating to "equal-weight" from "overweight" and raised the price target to $67 from $61. His 2019 EPS estimate remained unchanged at $4.55, but he lowered his 2020 EPS estimate to $1.04 from $5.08.

Resumed Coverage

Sandler O'Neill analyst Nicholas Cucharale said his firm has resumed coverage of Asheville, N.C.-based HomeTrust Bancshares Inc., noting that a commercial transformation is continuing to take shape.

The company has made "impressive progress" transforming into a full-service community bank from a legacy thrift, the analyst wrote.

The analyst resumed coverage with a "hold" rating and a price target of $28. His EPS estimates are $1.50 for 2019 and $1.38 for 2020.