Zacks Investment Research lowered shares of Independent Bank Group (NASDAQ:IBTX) from a buy rating to a hold rating in a report issued on Friday, January 12th.
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. “
Other equities research analysts have also recently issued reports about the company. BidaskClub raised Independent Bank Group from a hold rating to a buy rating in a research note on Saturday, December 2nd. SunTrust Banks reaffirmed a hold rating and set a $75.00 price target on shares of Independent Bank Group in a report on Tuesday, January 9th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $71.00 price target on shares of Independent Bank Group in a report on Wednesday, October 4th. Finally, Piper Jaffray Companies reaffirmed a buy rating and set a $76.00 price target on shares of Independent Bank Group in a report on Thursday, October 19th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $73.57.
Shares of Independent Bank Group (NASDAQ:IBTX) traded down $0.70 during mid-day trading on Friday, reaching $71.80. The company had a trading volume of 99,814 shares, compared to its average volume of 112,392. The stock has a market capitalization of $2,028.71, a PE ratio of 24.01 and a beta of 1.29. Independent Bank Group has a 12 month low of $51.70 and a 12 month high of $75.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.03 and a current ratio of 1.04.
Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, January 29th. The bank reported $0.90 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.03). The firm had revenue of $88.83 million during the quarter, compared to analysts’ expectations of $83.85 million. Independent Bank Group had a return on equity of 8.26% and a net margin of 21.91%. During the same period in the previous year, the company earned $0.83 earnings per share. equities research analysts predict that Independent Bank Group will post 4.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 22nd. Shareholders of record on Monday, February 12th will be issued a $0.12 dividend. This is an increase from Independent Bank Group’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, February 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.67%. Independent Bank Group’s dividend payout ratio is currently 13.38%.
In other Independent Bank Group news, Vice Chairman Daniel W. Brooks sold 25,000 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $68.30, for a total value of $1,707,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 7.70% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. California Public Employees Retirement System increased its position in Independent Bank Group by 10.9% in the second quarter. California Public Employees Retirement System now owns 6,100 shares of the bank’s stock worth $363,000 after buying an additional 600 shares in the last quarter. Alps Advisors Inc. increased its position in Independent Bank Group by 10.5% in the third quarter. Alps Advisors Inc. now owns 8,354 shares of the bank’s stock worth $504,000 after buying an additional 795 shares in the last quarter. American International Group Inc. increased its position in Independent Bank Group by 8.1% in the third quarter. American International Group Inc. now owns 11,838 shares of the bank’s stock worth $714,000 after buying an additional 885 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Independent Bank Group by 54.3% in the third quarter. BNP Paribas Arbitrage SA now owns 2,908 shares of the bank’s stock worth $175,000 after buying an additional 1,023 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in Independent Bank Group by 6.3% in the second quarter. New York State Common Retirement Fund now owns 18,900 shares of the bank’s stock worth $1,125,000 after buying an additional 1,113 shares in the last quarter. Institutional investors and hedge funds own 47.71% 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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