Independent Bank Group (NASDAQ:IBTX) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.
Other research analysts also recently issued reports about the company. Piper Jaffray Companies reiterated a “buy” rating and issued a $76.00 price target on shares of Independent Bank Group in a report on Thursday, October 19th. Zacks Investment Research upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a report on Wednesday, January 10th. Keefe, Bruyette & Woods restated a “buy” rating and set a $71.00 price objective on shares of Independent Bank Group in a report on Wednesday, October 4th. Finally, SunTrust Banks restated a “hold” rating and set a $75.00 price objective on shares of Independent Bank Group in a report on Tuesday, January 9th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $72.86.
Independent Bank Group (NASDAQ:IBTX) opened at $72.80 on Tuesday. 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 firm has a market capitalization of $2,050.00, a price-to-earnings ratio of 25.02 and a beta of 1.31. Independent Bank Group has a twelve month low of $51.70 and a twelve month high of $74.70.
Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 23rd. The bank reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.01. The company had revenue of $84.99 million during the quarter, compared to the consensus estimate of $83.00 million. Independent Bank Group had a return on equity of 8.11% and a net margin of 23.46%. During the same period in the previous year, the firm posted $0.78 EPS. equities research analysts anticipate that Independent Bank Group will post 3.47 earnings per share for the current fiscal year.
In other news, Vice Chairman Brian E. Hobart sold 7,500 shares of the company’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $65.00, for a total transaction of $487,500.00. Following the completion of the sale, the insider now directly owns 111,022 shares in the company, valued at approximately $7,216,430. The transaction was disclosed in a legal filing with the SEC, which is available at 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. Over the last 90 days, insiders have sold 57,394 shares of company stock valued at $3,744,422. Insiders own 7.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. HarbourVest Partners LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at $44,821,000. Atlantic Trust Group LLC acquired a new stake in Independent Bank Group in the 3rd quarter valued at $20,385,000. Frontier Investment Mgmt Co. increased its holdings in Independent Bank Group by 193.8% in the 2nd quarter. Frontier Investment Mgmt Co. now owns 228,403 shares of the bank’s stock valued at $13,590,000 after purchasing an additional 150,660 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Independent Bank Group by 23.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 644,395 shares of the bank’s stock valued at $38,857,000 after purchasing an additional 120,480 shares in the last quarter. Finally, State Street Corp increased its holdings in Independent Bank Group by 29.9% in the 2nd quarter. State Street Corp now owns 449,148 shares of the bank’s stock valued at $26,725,000 after purchasing an additional 103,332 shares in the last quarter. Institutional investors and hedge funds own 47.72% of the company’s stock.
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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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