Piper Jaffray Companies Reaffirms Buy Rating for Independent Bank Group Inc (IBTX)

Piper Jaffray Companies reiterated their buy rating on shares of Independent Bank Group Inc (NASDAQ:IBTX) in a research report sent to investors on Thursday, October 19th. Piper Jaffray Companies currently has a $76.00 price objective on the bank’s stock.

IBTX has been the subject of a number of other research reports. Zacks Investment Research raised Independent Bank Group from a sell rating to a hold rating in a report on Friday, October 6th. Keefe, Bruyette & Woods reissued a buy rating and set a $71.00 target price on shares of Independent Bank Group in a report on Wednesday, October 4th. BidaskClub downgraded Independent Bank Group from a hold rating to a sell rating in a research note on Tuesday, August 22nd. Sandler O’Neill raised Independent Bank Group from a hold rating to a buy rating and set a $70.00 price target for the company in a research note on Monday, June 26th. Finally, Hovde Group raised Independent Bank Group from a market perform rating to an outperform rating and boosted their price target for the company from $68.00 to $69.00 in a research note on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $71.40.

Shares of Independent Bank Group (NASDAQ:IBTX) traded up 1.09% during trading on Thursday, hitting $64.65. 135,138 shares of the stock were exchanged. Independent Bank Group has a 12-month low of $44.45 and a 12-month high of $66.85. The stock’s 50 day moving average is $59.85 and its 200-day moving average is $59.17. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 21.59 and a beta of 1.29.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 23rd. The bank reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. Independent Bank Group had a return on equity of 7.36% and a net margin of 27.67%. The company had revenue of $84.99 million during the quarter, compared to the consensus estimate of $83.00 million. During the same quarter last year, the firm earned $0.78 earnings per share. Equities research analysts anticipate that Independent Bank Group will post $3.29 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.62%. The ex-dividend date is Friday, November 3rd. Independent Bank Group’s payout ratio is 12.90%.

In other Independent Bank Group news, Vice Chairman Daniel W. Brooks sold 7,503 shares of the business’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $60.67, for a total transaction of $455,207.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Brian E. Hobart sold 22,500 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $60.71, for a total value of $1,365,975.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,897 shares of company stock valued at $3,555,944. Insiders own 7.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. grew its holdings in shares of Independent Bank Group by 0.3% during the second quarter. Alps Advisors Inc. now owns 7,559 shares of the bank’s stock worth $450,000 after purchasing an additional 20 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Independent Bank Group by 16.2% during the first quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock worth $179,000 after purchasing an additional 389 shares during the last quarter. American International Group Inc. grew its holdings in shares of Independent Bank Group by 7.1% during the first quarter. American International Group Inc. now owns 6,841 shares of the bank’s stock worth $440,000 after purchasing an additional 451 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Independent Bank Group by 10.9% during the second quarter. California Public Employees Retirement System now owns 6,100 shares of the bank’s stock worth $363,000 after purchasing an additional 600 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of Independent Bank Group by 4.0% during the first quarter. Swiss National Bank now owns 18,252 shares of the bank’s stock worth $1,174,000 after purchasing an additional 700 shares during the last quarter. Institutional investors own 46.62% of the company’s stock.

About Independent Bank Group

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.

Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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