Independent Bank Group, Inc (NASDAQ:IBTX) – Stock analysts at SunTrust Banks cut their FY2017 earnings per share estimates for shares of Independent Bank Group in a research report issued to clients and investors on Monday. SunTrust Banks analyst M. Young now forecasts that the bank will post earnings of $3.31 per share for the year, down from their prior estimate of $3.32. SunTrust Banks also issued estimates for Independent Bank Group’s Q1 2018 earnings at $0.99 EPS, Q2 2018 earnings at $1.02 EPS, Q3 2018 earnings at $1.07 EPS and FY2018 earnings at $4.17 EPS.
Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, July 24th. The bank reported $0.82 EPS for the quarter, meeting analysts’ consensus estimates of $0.82. The firm had revenue of $80.50 million during the quarter, compared to analyst estimates of $81.31 million. Independent Bank Group had a net margin of 23.52% and a return on equity of 8.43%. The business’s revenue for the quarter was up 58.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 EPS. ILLEGAL ACTIVITY NOTICE: “Equities Analysts Offer Predictions for Independent Bank Group, Inc’s FY2017 Earnings (IBTX)” was first published by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are reading this news story on another website, it was stolen and reposted in violation of US and international copyright & trademark laws. The correct version of this news story can be accessed at https://www.chaffeybreeze.com/2017/09/19/equities-analysts-offer-predictions-for-independent-bank-group-incs-fy2017-earnings-ibtx.html.
IBTX has been the subject of several other reports. Zacks Investment Research cut shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research note on Thursday, June 29th. ValuEngine raised shares of Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Sandler O’Neill raised shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, June 26th. Finally, Stephens reissued a “buy” rating and issued a $71.00 price objective on shares of Independent Bank Group in a research note on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $70.67.
Independent Bank Group (IBTX) opened at 57.15 on Tuesday. The stock’s 50 day moving average is $57.33 and its 200-day moving average is $59.47. Independent Bank Group has a 52-week low of $43.00 and a 52-week high of $66.85. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 19.09 and a beta of 1.27.
In related news, Director John Webb Jennings III sold 3,000 shares of Independent Bank Group stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $61.78, for a total transaction of $185,340.00. Following the completion of the sale, the director now owns 38,350 shares in the company, valued at approximately $2,369,263. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Stone Point Capital LLC bought a new stake in Independent Bank Group during the 2nd quarter valued at about $104,909,000. HarbourVest Partners LLC bought a new stake in Independent Bank Group during the 2nd quarter valued at about $44,821,000. Vanguard Group Inc. lifted its holdings in Independent Bank Group by 18.1% during the 2nd quarter. Vanguard Group Inc. now owns 616,447 shares of the bank’s stock valued at $36,678,000 after buying an additional 94,580 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Independent Bank Group by 13.1% during the 2nd quarter. Alliancebernstein L.P. now owns 541,800 shares of the bank’s stock valued at $32,237,000 after buying an additional 62,710 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Independent Bank Group by 13.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 525,689 shares of the bank’s stock valued at $31,279,000 after buying an additional 61,697 shares in the last quarter. Institutional investors own 46.49% 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), 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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