Independent Bank Gr (NASDAQ:IBTX) – Equities researchers at SunTrust Banks cut their Q3 2018 earnings estimates for Independent Bank Gr in a report released on Monday, May 14th. SunTrust Banks analyst M. Young now expects that the bank will earn $1.21 per share for the quarter, down from their previous forecast of $1.23. SunTrust Banks has a “Hold” rating and a $80.00 price objective on the stock. SunTrust Banks also issued estimates for Independent Bank Gr’s Q4 2018 earnings at $1.23 EPS, FY2018 earnings at $4.64 EPS, Q1 2019 earnings at $1.30 EPS, Q2 2019 earnings at $1.37 EPS and Q4 2019 earnings at $1.42 EPS.
Other research analysts have also recently issued reports about the company. Zacks Investment Research cut Independent Bank Gr from a “buy” rating to a “hold” rating in a research report on Thursday, January 25th. Stephens reissued a “buy” rating on shares of Independent Bank Gr in a research report on Wednesday, January 31st. Sandler O’Neill reissued a “buy” rating on shares of Independent Bank Gr in a research report on Wednesday, January 31st. BidaskClub cut Independent Bank Gr from a “buy” rating to a “hold” rating in a research report on Tuesday, January 30th. Finally, ValuEngine raised Independent Bank Gr from a “hold” rating to a “buy” rating in a research report on Wednesday, May 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Independent Bank Gr presently has an average rating of “Buy” and a consensus target price of $74.29.
Independent Bank Gr opened at $77.20 on Wednesday, MarketBeat reports. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.48. The stock has a market cap of $2.17 billion, a PE ratio of 22.41 and a beta of 1.24. Independent Bank Gr has a fifty-two week low of $76.40 and a fifty-two week high of $77.15.
Independent Bank Gr (NASDAQ:IBTX) last posted its quarterly earnings data on Monday, April 23rd. The bank reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.04). The firm had revenue of $83.42 million for the quarter, compared to analyst estimates of $83.80 million. Independent Bank Gr had a return on equity of 7.81% and a net margin of 23.25%. During the same period in the prior year, the company earned $0.84 earnings per share.
Several institutional investors and hedge funds have recently added to or reduced their stakes in IBTX. UBS Group AG lifted its position in shares of Independent Bank Gr by 1,441.6% in the first quarter. UBS Group AG now owns 2,559 shares of the bank’s stock valued at $181,000 after buying an additional 2,393 shares during the last quarter. Ellington Management Group LLC acquired a new stake in shares of Independent Bank Gr in the fourth quarter valued at approximately $203,000. Navellier & Associates Inc acquired a new stake in shares of Independent Bank Gr in the fourth quarter valued at approximately $212,000. Comerica Bank acquired a new stake in shares of Independent Bank Gr in the fourth quarter valued at approximately $219,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Independent Bank Gr in the fourth quarter valued at approximately $301,000. 57.63% of the stock is owned by institutional investors.
In related news, Director Douglas A. Cifu sold 11,416 shares of the stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $71.15, for a total transaction of $812,248.40. Following the completion of the transaction, the director now directly owns 90,205 shares of the company’s stock, valued at $6,418,085.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James C. White sold 1,250 shares of the stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $69.76, for a total value of $87,200.00. The disclosure for this sale can be found here. Insiders have sold 62,999 shares of company stock valued at $4,604,499 over the last three months. Insiders own 10.90% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 17th. Investors of record on Monday, May 7th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, May 4th. This is a boost from Independent Bank Gr’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 0.73%. Independent Bank Gr’s dividend payout ratio is 16.23%.
Independent Bank Gr Company Profile
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including checking and savings accounts, demand accounts, money market accounts, and certificates of deposit, as well as individual retirement accounts.
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