Why the Stock of Texas Capital Bancshares Took a Hit Today
The stock of Texas Capital Bancshares (NASDAQ: TCBI) dropped nearly 11% today in an unusual day of trading in which volume far surpassed the norm for the $37-billion asset regional bank.
It's hard to know exactly what drove the decline. Recently, analysts at the investment firm Wedbush Securities lowered the bank's earnings estimates for the first quarter, but that is unlikely to have moved the stock so significantly days later.
Analysts at Bank of America reportedly wrote in a research note today that a major shareholder may have significantly lowered their position, also noting that the potential investor's stake in the bank "remains unclear."
Source Fool.com