Texas Capital Bancshares Announces Sale of BankDirect Capital Finance
<p><a href='https://financialmodelingprep.com/financial-summary/TCBI'>Texas Capital Bancshares, Inc. (NASDAQ:TCBI)</a> recently announced the sale of BankDirect Capital Finance, its insurance premium finance business, to an indirect wholly owned subsidiary of Truist Financial Corp , in an all-cash deal that is expected to close in Q4/22.</p>
<p>In addition to the sale of all related insurance operations, the transaction will include the company’s $3.1 billion premium finance loan portfolio, or approximately 13% of the Q2 loan portfolio.</p>
<p>Analysts at Oppenheimer believe the announced deal fits with the strategic goals and priorities that management has outlined in recent quarters in building out a quality core commercial banking model. The analysts maintained their 2022 core EPS estimate of $3.40 and fine-tuned the 2023 estimate of $4.35 to $4.30 to reflect the transaction. Their price target moved from $59 to $62.</p>

NASDAQ:TCBI