Independent Bank Group (IBTX) Hits New 12-Month Low at $59.53

Shares of Independent Bank Group Inc (NASDAQ:IBTX) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $59.53 and last traded at $59.55, with a volume of 311121 shares changing hands. The stock had previously closed at $61.59.

Several brokerages recently issued reports on IBTX. BidaskClub upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research report on Saturday, October 6th. Raymond James upgraded shares of Independent Bank Group from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 4th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Independent Bank Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 28th. Hovde Group set a $80.00 target price on shares of Independent Bank Group and gave the company a “buy” rating in a research report on Wednesday, July 25th. Finally, Stephens restated a “buy” rating and set a $86.00 target price on shares of Independent Bank Group in a research report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $79.40.

The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 17.66 and a beta of 1.24. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.60.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, July 23rd. The bank reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.03). The firm had revenue of $89.04 million during the quarter, compared to the consensus estimate of $90.43 million. Independent Bank Group had a return on equity of 8.10% and a net margin of 25.16%. During the same quarter in the previous year, the company earned $0.82 earnings per share. Equities analysts expect that Independent Bank Group Inc will post 4.57 EPS for the current fiscal year.

In related news, Director G Stacy Smith bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The stock was purchased at an average price of $65.90 per share, for a total transaction of $1,647,500.00. Following the completion of the transaction, the director now owns 89,974 shares in the company, valued at $5,929,286.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle S. Hickox sold 500 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $65.72, for a total transaction of $32,860.00. Following the transaction, the chief financial officer now owns 24,036 shares of the company’s stock, valued at approximately $1,579,645.92. The disclosure for this sale can be found here. Corporate insiders own 10.90% of the company’s stock.

Large investors have recently modified their holdings of the stock. UBS Group AG boosted its position in shares of Independent Bank Group by 1,441.6% during the first quarter. UBS Group AG now owns 2,559 shares of the bank’s stock worth $181,000 after acquiring an additional 2,393 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Independent Bank Group during the second quarter worth $300,000. Segment Wealth Management LLC bought a new position in shares of Independent Bank Group during the second quarter worth $302,000. Financial Advisory Group bought a new position in shares of Independent Bank Group during the second quarter worth $329,000. Finally, Stevens Capital Management LP bought a new position in shares of Independent Bank Group during the second quarter worth $343,000. Hedge funds and other institutional investors own 57.16% of the company’s stock.

Independent Bank Group Company Profile (NASDAQ:IBTX)

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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