Independent Bank Group (IBTX) Lowered to “Hold” at Zacks Investment Research
Independent Bank Group (NASDAQ:IBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “
IBTX has been the topic of several other reports. BidaskClub downgraded shares of Independent Bank Group from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $76.00 price objective on shares of Independent Bank Group in a report on Thursday, October 19th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $71.00 price objective on shares of Independent Bank Group in a report on Wednesday, October 4th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $75.00 price objective on shares of Independent Bank Group in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Independent Bank Group has a consensus rating of “Buy” and a consensus price target of $72.86.
Shares of Independent Bank Group (IBTX) traded up $0.90 during trading hours on Friday, hitting $73.20. 51,341 shares of the company were exchanged, compared to its average volume of 80,233. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.55. The stock has a market cap of $2,060.00, a P/E ratio of 25.15 and a beta of 1.31. Independent Bank Group has a 52 week low of $51.70 and a 52 week high of $73.50.
Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 23rd. The bank reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. The company had revenue of $84.99 million for the quarter, compared to the consensus estimate of $83.00 million. Independent Bank Group had a net margin of 23.46% and a return on equity of 8.11%. During the same period in the previous year, the firm earned $0.78 EPS. analysts predict that Independent Bank Group will post 3.47 EPS for the current year.
In other news, Vice Chairman Brian E. Hobart sold 22,500 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $60.71, for a total value of $1,365,975.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Daniel W. Brooks sold 25,000 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $68.30, for a total transaction of $1,707,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,894 shares of company stock worth $5,110,397. Insiders own 7.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in IBTX. Schwab Charles Investment Management Inc. lifted its holdings in shares of Independent Bank Group by 42.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 59,275 shares of the bank’s stock worth $3,527,000 after buying an additional 17,666 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Independent Bank Group by 55.2% in the second quarter. Rhumbline Advisers now owns 20,151 shares of the bank’s stock worth $1,199,000 after buying an additional 7,171 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Independent Bank Group by 11.6% in the second quarter. Bank of New York Mellon Corp now owns 92,662 shares of the bank’s stock worth $5,513,000 after buying an additional 9,657 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Independent Bank Group by 66.9% in the second quarter. Legal & General Group Plc now owns 4,472 shares of the bank’s stock worth $266,000 after buying an additional 1,792 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Independent Bank Group by 2,892.1% in the second quarter. BNP Paribas Arbitrage SA now owns 1,885 shares of the bank’s stock worth $112,000 after buying an additional 1,822 shares in the last quarter. 47.72% of the stock is currently owned by hedge funds and other institutional investors.
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Independent Bank Group Company Profile
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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