Independent Bank Group (NASDAQ:IBTX) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Independent Bank Group (NASDAQ:IBTX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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. “

Shares of NASDAQ:IBTX opened at $78.80 on Tuesday. The company’s 50 day simple moving average is $72.92 and its 200 day simple moving average is $71.43. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 14.87 and a beta of 1.83. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99. Independent Bank Group has a 1 year low of $60.65 and a 1 year high of $80.71.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Sunday, October 24th. The bank reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.08). The company had revenue of $145.54 million during the quarter, compared to analyst estimates of $147.96 million. Independent Bank Group had a net margin of 34.62% and a return on equity of 9.05%. During the same quarter in the prior year, the business earned $1.38 EPS. As a group, analysts anticipate that Independent Bank Group will post 5.22 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 24th. Investors of record on Thursday, November 11th were issued a $0.36 dividend. This is a positive change from Independent Bank Group’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Tuesday, November 9th. This represents a $1.44 annualized dividend and a yield of 1.83%. Independent Bank Group’s payout ratio is presently 27.17%.

In other Independent Bank Group news, COO Michael B. Hobbs sold 2,080 shares of the business’s stock in a transaction dated Monday, November 22nd. The shares were sold at an average price of $73.85, for a total value of $153,608.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michelle S. Hickox sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 22nd. The shares were sold at an average price of $75.06, for a total transaction of $375,300.00. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of IBTX. Arkadios Wealth Advisors increased its holdings in Independent Bank Group by 95.0% during the 3rd quarter. Arkadios Wealth Advisors now owns 581 shares of the bank’s stock worth $41,000 after acquiring an additional 283 shares during the period. Motco bought a new position in shares of Independent Bank Group during the 3rd quarter valued at $101,000. PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank Group by 15.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,374 shares of the bank’s stock valued at $102,000 after purchasing an additional 188 shares during the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Independent Bank Group during the 2nd quarter valued at $200,000. Finally, Panagora Asset Management Inc. boosted its position in Independent Bank Group by 1,053.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 3,104 shares of the bank’s stock valued at $230,000 after buying an additional 2,835 shares during the period. 71.33% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank Group

Independent Bank Group, Inc is a bank holding company, which engages in the provision of a relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. It offers checking, savings, commercial loans, business services and cash management solutions.

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