Independent Bank Group, Inc (IBTX) Given Average Rating of “Buy” by Analysts

Shares of Independent Bank Group, Inc (NASDAQ:IBTX) have been assigned an average rating of “Buy” from the eight ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $71.40.

IBTX has been the subject of several recent research reports. Stephens reaffirmed a “buy” rating and set a $71.00 target price on shares of Independent Bank Group in a report on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $71.00 target price on shares of Independent Bank Group in a report on Wednesday, October 4th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $76.00 target price on shares of Independent Bank Group in a report on Friday, September 1st. Zacks Investment Research raised shares of Independent Bank Group from a “sell” rating to a “hold” rating in a report on Friday, October 6th. Finally, Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $68.00 to $69.00 in a report on Wednesday, July 26th.

In other Independent Bank Group news, Vice Chairman Brian E. Hobart sold 7,500 shares of Independent Bank Group stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $65.00, for a total transaction of $487,500.00. Following the sale, the insider now owns 111,022 shares of the company’s stock, valued at approximately $7,216,430. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Daniel W. Brooks sold 7,503 shares of Independent Bank Group stock in a transaction on Friday, October 13th. The stock was sold at an average price of $60.67, for a total transaction of $455,207.01. The disclosure for this sale can be found here. Insiders sold a total of 62,397 shares of company stock worth $3,858,104 in the last three months. 7.70% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its position in shares of Independent Bank Group by 42.3% during the 3rd quarter. Wells Fargo & Company MN now owns 41,102 shares of the bank’s stock valued at $2,478,000 after acquiring an additional 12,220 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Independent Bank Group by 53.7% during the 3rd quarter. Legal & General Group Plc now owns 6,872 shares of the bank’s stock valued at $415,000 after acquiring an additional 2,400 shares during the last quarter. American International Group Inc. boosted its position in shares of Independent Bank Group by 8.1% during the 3rd quarter. American International Group Inc. now owns 11,838 shares of the bank’s stock valued at $714,000 after acquiring an additional 885 shares during the last quarter. Yorktown Management & Research Co Inc acquired a new position in shares of Independent Bank Group during the 3rd quarter valued at about $323,000. Finally, Chartwell Investment Partners LLC boosted its position in shares of Independent Bank Group by 48.7% during the 3rd quarter. Chartwell Investment Partners LLC now owns 300,720 shares of the bank’s stock valued at $18,133,000 after acquiring an additional 98,477 shares during the last quarter. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

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Independent Bank Group (NASDAQ IBTX) traded down $0.05 on Friday, reaching $61.15. 86,100 shares of the company’s stock were exchanged, compared to its average volume of 162,961. Independent Bank Group has a 12 month low of $50.95 and a 12 month high of $66.85. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.55. The stock has a market cap of $1,700.40, a price-to-earnings ratio of 18.09 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, beating the consensus estimate of $0.88 by $0.01. The firm had revenue of $84.99 million during the quarter, compared to analyst estimates of $83.00 million. Independent Bank Group had a net margin of 23.46% and a return on equity of 8.11%. During the same period in the previous year, the firm earned $0.78 EPS. equities research analysts anticipate that Independent Bank Group will post 3.46 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Monday, November 6th will be paid a $0.10 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.65%. Independent Bank Group’s dividend payout ratio is currently 12.90%.

Independent Bank Group Company Profile

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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