Independent Bank Group (IBTX) Sets New 12-Month Low at $51.61
Shares of Independent Bank Group Inc (NASDAQ:IBTX) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $51.61 and last traded at $52.25, with a volume of 2813 shares changing hands. The stock had previously closed at $53.45.
Several analysts have issued reports on the stock. Raymond James lowered their price objective on shares of Independent Bank Group from $83.00 to $74.00 and set a “positive” rating for the company in a research report on Tuesday, October 23rd. They noted that the move was a valuation call. BidaskClub raised shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. Zacks Investment Research downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Friday, October 26th. Stephens set a $82.00 price target on shares of Independent Bank Group and gave the stock a “buy” rating in a research report on Tuesday, October 23rd. Finally, SunTrust Banks set a $64.00 price target on shares of Independent Bank Group and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Independent Bank Group currently has a consensus rating of “Hold” and an average target price of $75.00.
The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.03. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 15.18 and a beta of 1.21.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Monday, November 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, November 2nd. Independent Bank Group’s payout ratio is currently 16.23%.
In other news, Director G Stacy Smith acquired 25,000 shares of Independent Bank Group stock in a transaction that occurred on Friday, September 14th. The shares were purchased at an average cost of $65.90 per share, for a total transaction of $1,647,500.00. Following the completion of the purchase, the director now directly owns 89,974 shares of the company’s stock, valued at approximately $5,929,286.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michelle S. Hickox sold 500 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $65.72, for a total value of $32,860.00. Following the transaction, the chief financial officer now owns 24,036 shares in the company, valued at $1,579,645.92. The disclosure for this sale can be found here. Insiders have bought 34,981 shares of company stock valued at $2,190,244 in the last three months. Corporate insiders own 10.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Independent Bank Group by 4.0% during the third quarter. Vanguard Group Inc. now owns 1,615,802 shares of the bank’s stock worth $107,127,000 after purchasing an additional 61,969 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Independent Bank Group by 25.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,540,275 shares of the bank’s stock worth $102,120,000 after purchasing an additional 308,116 shares during the last quarter. BlackRock Inc. lifted its stake in Independent Bank Group by 3.8% during the third quarter. BlackRock Inc. now owns 1,503,214 shares of the bank’s stock worth $99,663,000 after purchasing an additional 55,333 shares during the last quarter. Macquarie Group Ltd. lifted its stake in Independent Bank Group by 50.2% during the third quarter. Macquarie Group Ltd. now owns 829,480 shares of the bank’s stock worth $54,995,000 after purchasing an additional 277,098 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Independent Bank Group by 9.5% during the second quarter. Northern Trust Corp now owns 260,441 shares of the bank’s stock worth $17,398,000 after purchasing an additional 22,604 shares during the last quarter. Hedge funds and other institutional investors own 61.06% of the company’s stock.
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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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