DALLAS - Texas Capital Bancshares, Inc. (NASDAQ:TCBI) has named Brett Fenn as the new Managing Director, Head of Business Banking. Fenn, whose appointment takes effect immediately, will be based in Houston and oversee a team of bankers across five Texan cities.
Fenn's primary responsibilities include fostering client relationships and spearheading growth initiatives for Texas Capital's Business Banking division. Reporting to Jay Clingman, Managing Director, Head of Commercial Banking, Fenn is expected to maintain the company's commitment to delivering high-quality products and solutions.
"Brett's past experience at the firm and deep understanding of privately held businesses and market dynamics make him the ideal leader to drive our Business Banking division forward," Clingman stated.
Before his new role, Fenn joined Texas Capital in 2022 as a Managing Director in the firm's Investment Bank, focusing on Interest Rate Derivatives Structuring and Marketing. His experience includes providing strategic guidance on macroeconomic trends and interest rate hedging strategies to various clients. Fenn will also continue as the Co-Chair of the firm's Houston Market Leadership Team.
"I am honored to step into this role leading the Business Banking team at Texas Capital," said Fenn. He emphasized Texas's robust economy and expressed his commitment to delivering innovative solutions and personalized service to Business Banking clients.
Fenn's extensive background includes senior positions at Childress Capital Advisors, LLC, and Truist (formerly SunTrust), as well as over 17 years at J.P. Morgan, where he held various leadership roles, including Executive Director of Oil & Gas Corporate Banking.
Texas Capital Bancshares, Inc., the parent company of Texas Capital Bank, provides a wide range of financial services and has been serving clients since 1998. This announcement is based on a press release statement from the company.
In other recent news, Texas Capital Bancshares, Inc. has seen a flurry of developments. The company has appointed David Oman as the new Chief Risk Officer, a role he is set to assume on June 10, 2024. Oman's experience from previous roles at PricewaterhouseCoopers and Bank of New York Mellon (NYSE:BK) will be instrumental in enhancing the company's risk management framework.
In addition, Mark Midkiff has been appointed to the company's Board of Directors, effective June 1, 2024. Midkiff, with his extensive experience in risk management from his tenure at KeyCorp (NYSE:KEY), BB&T, and GE Capital, will also serve on the Board’s Risk Committee.
In terms of analyst assessments, RBC (TSX:RY) Capital Markets has adjusted its price target on Texas Capital Bancshares, raising it to $68.00 from $66.00, while maintaining a Sector Perform rating. This comes after investor meetings with Texas Capital's CEO, CFO, and Head of Investor Relations.
Conversely, Keefe, Bruyette & Woods maintained an Outperform rating but reduced the price target to $74 from $76 following the release of the company's Q1 2024 earnings.
The company's Q1 2024 earnings call revealed strong growth, with substantial improvements in its Treasury Solutions platform, private wealth business, and investment bank. The company reported a doubling in investment banking and trading income from the previous quarter and anticipates mid-single-digit revenue growth for the full year. This aligns with the recent developments and leadership changes in the company.
InvestingPro Insights
With the recent appointment of Brett Fenn as Managing Director, Head of Business Banking, Texas Capital Bancshares, Inc. (NASDAQ:TCBI) is poised to enhance its client relationships and drive growth. This strategic move comes at a time when the company's financial metrics provide a mixed outlook.
According to InvestingPro data, TCBI has a market capitalization of approximately $2.73 billion and is trading at a P/E ratio of 17.66, reflecting investor sentiment about its earnings potential. Moreover, the company's price to book ratio stands at a value-focused 0.96 as of the last twelve months leading up to Q1 2024.
InvestingPro Tips suggest that while Texas Capital Bancshares suffers from weak gross profit margins, analysts remain optimistic about the company's profitability for the year. Additionally, the company has been profitable over the last twelve months. Still, it is worth noting for potential investors that TCBI does not pay a dividend, which may influence investment decisions depending on individual strategies and income preferences.
For those considering an investment in Texas Capital Bancshares, or for current shareholders looking to deepen their understanding of the company's prospects, InvestingPro offers additional insights. There are more InvestingPro Tips available that could provide further guidance on TCBI's performance and potential. To explore these tips and enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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