Independent Bank Group (NASDAQ:IBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Independent Bank Group, Inc. is a bank holding company that conducts its business activities through its subsidiary, Independent Bank. The company offers personal and commercial banking services to businesses, professionals and individuals. Its services includes checking accounts, savings accounts, commercial real estate loans, interim construction loans, loans to professionals, residential first and second mortgage loans , loans to purchase cars, boats and other recreational vehicles. Independent Bank Group, Inc. is headquartered in McKinney, Texas. “
A number of other brokerages have also commented on IBTX. BidaskClub upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Wednesday, December 20th. SunTrust Banks restated a “hold” rating and set a $75.00 price target on shares of Independent Bank Group in a research note on Tuesday. Piper Jaffray Companies reiterated a “buy” rating and issued a $76.00 target price on shares of Independent Bank Group in a research note on Thursday, October 19th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $71.00 target price on shares of Independent Bank Group in a research note on Wednesday, October 4th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $72.86.
Shares of Independent Bank Group (IBTX) traded up $0.90 during mid-day trading on Friday, reaching $73.20. 51,341 shares of the company’s stock were exchanged, compared to its average volume of 80,233. The company has a market cap of $2,060.00, a price-to-earnings ratio of 25.15 and a beta of 1.31. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.55. Independent Bank Group has a fifty-two week low of $51.70 and a fifty-two week high of $73.50.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.01. The business 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 quarter in the previous year, the business posted $0.78 EPS. research analysts anticipate that Independent Bank Group will post 3.47 EPS for the current year.
In other news, Vice Chairman Brian E. Hobart sold 22,500 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $60.71, for a total value of $1,365,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Daniel W. Brooks sold 25,000 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $68.30, for a total transaction of $1,707,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,894 shares of company stock valued at $5,110,397. Company insiders own 7.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Atlantic Trust Group LLC purchased a new position in shares of Independent Bank Group in the 3rd quarter worth about $20,385,000. California Public Employees Retirement System boosted its holdings in shares of Independent Bank Group by 72.6% in the 3rd quarter. California Public Employees Retirement System now owns 10,531 shares of the bank’s stock worth $635,000 after buying an additional 4,431 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Independent Bank Group in the 3rd quarter worth about $324,000. Castine Capital Management LLC boosted its holdings in shares of Independent Bank Group by 36.0% in the 3rd quarter. Castine Capital Management LLC now owns 121,538 shares of the bank’s stock worth $7,328,000 after buying an additional 32,185 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank Group by 23.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 644,395 shares of the bank’s stock worth $38,857,000 after buying an additional 120,480 shares during the last quarter. Hedge funds and other institutional investors own 47.72% of the company’s stock.
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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.
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