Independent Bank Group (IBTX) Lifted to “Sell” at BidaskClub
BidaskClub upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a strong sell rating to a sell rating in a report released on Friday morning.
Several other equities analysts have also commented on the stock. Zacks Investment Research raised shares of Independent Bank Group from a hold rating to a buy rating and set a $75.00 target price on the stock in a report on Monday, July 16th. ValuEngine lowered shares of Independent Bank Group from a buy rating to a hold rating in a report on Friday, June 8th. Hovde Group set a $80.00 target price on shares of Independent Bank Group and gave the company a buy rating in a report on Wednesday, July 25th. Finally, Stephens reissued a buy rating and issued a $86.00 target price on shares of Independent Bank Group in a report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Independent Bank Group presently has an average rating of Hold and a consensus target price of $78.00.
Shares of Independent Bank Group stock opened at $67.55 on Friday. Independent Bank Group has a twelve month low of $56.55 and a twelve month high of $79.00. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 17.19 and a beta of 1.24.
In related news, Director G Stacy Smith purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The shares were bought at an average cost of $68.56 per share, with a total value of $685,600.00. Following the acquisition, the director now owns 89,974 shares of the company’s stock, valued at approximately $6,168,617.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michelle S. Hickox sold 500 shares of Independent Bank Group stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $65.72, for a total transaction of $32,860.00. Following the sale, the chief financial officer now directly owns 24,036 shares in the company, valued at $1,579,645.92. The disclosure for this sale can be found here. 10.90% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its holdings in shares of Independent Bank Group by 9.5% during the 2nd quarter. Northern Trust Corp now owns 260,441 shares of the bank’s stock valued at $17,398,000 after purchasing an additional 22,604 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Independent Bank Group by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 106,405 shares of the bank’s stock valued at $7,107,000 after purchasing an additional 1,590 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Independent Bank Group by 34.1% during the 2nd quarter. California Public Employees Retirement System now owns 7,809 shares of the bank’s stock valued at $522,000 after purchasing an additional 1,986 shares during the last quarter. Putnam Investments LLC bought a new stake in shares of Independent Bank Group during the 2nd quarter valued at approximately $1,516,000. Finally, Millennium Management LLC bought a new stake in shares of Independent Bank Group during the 2nd quarter valued at approximately $2,108,000. 57.20% of the stock is currently owned by institutional investors.
About Independent Bank Group
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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