TCBI - Texas Capital raised to Outperform as stock decline makes TBV multiple cheap

KBW analyst Brady Gailey upgrades Texas Capital Bancshares (TCBI) to Outperform from Market Perform after the stock has dropped 17% in the past two sessions and now trades at only 1.3x current tangible book value vs. ~2.0X for its Texas peers.The recent stock decline may be due to a forced liquidation/margin call of one of TCBI's largest shareholders, Gailey writes in a note to clients."We like the changes TCBI's new CEO Rob Holmes has already made and believe more good changes are coming, such as improved profitability and better risk management," the analyst said.Earlier, Texas Capital Bancshares stock drops 13% in heavy trading

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Texas Capital raised to Outperform as stock decline makes TBV multiple cheap