Independent Bank Gr (NASDAQ:IBTX) – Stock analysts at Piper Jaffray Companies decreased their FY2018 earnings estimates for Independent Bank Gr in a research report issued to clients and investors on Wednesday, May 23rd. Piper Jaffray Companies analyst B. Rabatin now forecasts that the bank will post earnings of $4.23 per share for the year, down from their previous estimate of $4.64. Piper Jaffray Companies also issued estimates for Independent Bank Gr’s Q3 2019 earnings at $1.45 EPS, Q4 2019 earnings at $1.51 EPS and FY2019 earnings at $5.68 EPS.
Independent Bank Gr (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, April 23rd. The bank reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.04). Independent Bank Gr had a return on equity of 7.81% and a net margin of 23.25%. The firm had revenue of $83.42 million for the quarter, compared to the consensus estimate of $83.80 million. During the same quarter in the prior year, the firm earned $0.84 EPS.
IBTX has been the subject of a number of other research reports. ValuEngine upgraded Independent Bank Gr from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. BidaskClub upgraded Independent Bank Gr from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 28th. SunTrust Banks boosted their price objective on Independent Bank Gr to $80.00 and gave the stock a “hold” rating in a report on Tuesday, May 15th. Zacks Investment Research upgraded Independent Bank Gr from a “sell” rating to a “hold” rating in a report on Friday, May 18th. Finally, Stephens restated a “buy” rating on shares of Independent Bank Gr in a report on Wednesday, January 31st. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $74.29.
Shares of NASDAQ:IBTX opened at $74.30 on Thursday. Independent Bank Gr has a 12-month low of $51.70 and a 12-month high of $79.00. The company has a market cap of $2.11 billion, a PE ratio of 21.70 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.04 and a quick ratio of 1.03.
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 17th. Stockholders of record on Monday, May 7th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.75%. This is an increase from Independent Bank Gr’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, May 4th. Independent Bank Gr’s payout ratio is presently 16.23%.
In other news, Director John Webb Jennings III sold 2,750 shares of Independent Bank Gr stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $73.15, for a total value of $201,162.50. Following the completion of the sale, the director now directly owns 36,206 shares in the company, valued at $2,648,468.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Douglas A. Cifu sold 29,458 shares of Independent Bank Gr stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $74.26, for a total transaction of $2,187,551.08. Following the completion of the sale, the director now owns 45,213 shares of the company’s stock, valued at $3,357,517.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,999 shares of company stock valued at $4,604,499. 10.90% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in IBTX. UBS Group AG raised its position in Independent Bank Gr by 1,441.6% during the first quarter. UBS Group AG now owns 2,559 shares of the bank’s stock valued at $181,000 after purchasing an additional 2,393 shares in the last quarter. Ellington Management Group LLC acquired a new position in Independent Bank Gr during the fourth quarter valued at approximately $203,000. Navellier & Associates Inc acquired a new position in Independent Bank Gr during the fourth quarter valued at approximately $212,000. Comerica Bank acquired a new position in Independent Bank Gr during the fourth quarter valued at approximately $219,000. Finally, Teacher Retirement System of Texas acquired a new position in Independent Bank Gr during the fourth quarter valued at approximately $301,000. Institutional investors and hedge funds own 58.95% of the company’s stock.
About Independent Bank Gr
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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