Independent Bank Group Inc (NASDAQ:IBTX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Friday.
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. “
Separately, Hovde Group lifted their target price on Independent Bank Group from $50.00 to $61.00 and gave the company a “market perform” rating in a report on Wednesday, November 23rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Independent Bank Group currently has a consensus rating of “Buy” and an average target price of $51.00.
Independent Bank Group (NASDAQ:IBTX) opened at 66.00 on Friday. Independent Bank Group has a 1-year low of $25.50 and a 1-year high of $66.85. The stock has a 50 day moving average price of $63.82 and a 200 day moving average price of $55.81. The firm has a market cap of $1.25 billion, a P/E ratio of 22.92 and a beta of 1.30.
Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Wednesday, January 25th. The company reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.03. The business earned $51.72 million during the quarter, compared to analyst estimates of $51.97 million. Independent Bank Group had a return on equity of 8.93% and a net margin of 23.32%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 EPS. On average, analysts anticipate that Independent Bank Group will post $3.53 EPS for the current year.
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In other news, Director G Stacy Smith sold 21,730 shares of Independent Bank Group stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $62.23, for a total transaction of $1,352,257.90. Following the completion of the sale, the director now owns 120,151 shares in the company, valued at approximately $7,476,996.73. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Vincent J. Viola sold 40,462 shares of Independent Bank Group stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $63.19, for a total value of $2,556,793.78. Following the sale, the insider now owns 4,211,141 shares of the company’s stock, valued at approximately $266,101,999.79. The disclosure for this sale can be found here. In the last quarter, insiders have sold 305,143 shares of company stock valued at $19,813,355. Corporate insiders own 16.20% of the company’s stock.
Several hedge funds have recently modified their holdings of IBTX. Spark Investment Management LLC acquired a new stake in shares of Independent Bank Group during the third quarter worth about $295,000. Mesirow Financial Investment Management Equity Management acquired a new stake in shares of Independent Bank Group during the third quarter worth about $297,000. Capstone Investment Advisors LLC acquired a new stake in shares of Independent Bank Group during the fourth quarter worth about $349,000. Alps Advisors Inc. acquired a new stake in shares of Independent Bank Group during the third quarter worth about $419,000. Finally, Matarin Capital Management LLC acquired a new stake in shares of Independent Bank Group during the third quarter worth about $420,000. Hedge funds and other institutional investors own 33.73% of the company’s stock.
About Independent Bank Group
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), it provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Its commercial lending products include owner-occupied commercial real estate loans, interim construction loans, commercial loans to a mix of small and midsized businesses, and loans to professionals, particularly medical practices.
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