Independent Bank Group Inc (NASDAQ:IBTX) – Investment analysts at SunTrust Banks cut their Q1 2018 earnings per share estimates for Independent Bank Group in a research note issued on Wednesday, Zacks Investment Research reports. SunTrust Banks analyst M. Young now expects that the bank will earn $0.96 per share for the quarter, down from their prior estimate of $0.97. SunTrust Banks has a “Hold” rating and a $75.00 price objective on the stock.
Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 23rd. The bank reported $0.89 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. Independent Bank Group had a return on equity of 8.11% and a net margin of 23.46%. The company had revenue of $84.99 million for the quarter, compared to analysts’ expectations of $83.00 million. During the same period in the previous year, the firm earned $0.78 EPS.
A number of other analysts also recently issued reports on the company. BidaskClub raised Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Zacks Investment Research raised Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Friday, October 6th. Piper Jaffray Companies reissued a “buy” rating and set a $76.00 target price on shares of Independent Bank Group in a research report on Thursday, October 19th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $71.00 target price on shares of Independent Bank Group in a research report 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. Independent Bank Group has a consensus rating of “Buy” and an average price target of $72.86.
Independent Bank Group (NASDAQ:IBTX) traded up $0.90 during trading hours on Friday, reaching $73.20. The company’s stock had a trading volume of 51,341 shares, compared to its average volume of 91,284. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.55. Independent Bank Group has a 1-year low of $51.70 and a 1-year high of $73.50. The company has a market cap of $2,038.66, a P/E ratio of 23.61 and a beta of 1.31.
Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp lifted its stake in shares of Independent Bank Group by 29.9% during the 2nd quarter. State Street Corp now owns 449,148 shares of the bank’s stock worth $26,725,000 after purchasing an additional 103,332 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Independent Bank Group by 6.9% during the 2nd quarter. First Trust Advisors LP now owns 79,444 shares of the bank’s stock worth $4,727,000 after purchasing an additional 5,111 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Independent Bank Group by 51.9% during the 2nd quarter. Northern Trust Corp now owns 209,830 shares of the bank’s stock worth $12,486,000 after purchasing an additional 71,705 shares during the last quarter. John W. Rosenthal Capital Management Inc. purchased a new stake in shares of Independent Bank Group during the 3rd quarter worth $2,147,000. Finally, Citadel Advisors LLC lifted its stake in shares of Independent Bank Group by 190.9% during the 2nd quarter. Citadel Advisors LLC now owns 10,534 shares of the bank’s stock worth $627,000 after purchasing an additional 6,913 shares during the last quarter. Hedge funds and other institutional investors own 47.72% of the company’s stock.
In other Independent Bank Group news, Vice Chairman Daniel W. Brooks sold 17,397 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $62.56, for a total value of $1,088,356.32. Following the completion of the sale, the insider now directly owns 142,332 shares in the company, valued at approximately $8,904,289.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $1,707,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,894 shares of company stock valued at $5,110,397. 7.70% of the stock is owned by company insiders.
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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.
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