Zacks Investment Research Upgrades Independent Bank Group, Inc (IBTX) to “Hold”
Independent Bank Group, Inc (NASDAQ:IBTX) was upgraded by Zacks Investment Research from a “sell” 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. “
Several other analysts have also weighed in on the stock. Sandler O’Neill upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, June 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $76.00 price objective on shares of Independent Bank Group in a research note on Friday, September 1st. BidaskClub lowered shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Stephens reissued a “buy” rating and issued a $72.00 price target on shares of Independent Bank Group in a research report on Tuesday, June 20th. Finally, Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $68.00 to $69.00 in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Independent Bank Group presently has a consensus rating of “Buy” and an average target price of $71.40.
Independent Bank Group (NASDAQ:IBTX) opened at 60.90 on Friday. The firm has a market cap of $1.69 billion, a PE ratio of 20.34 and a beta of 1.29. Independent Bank Group has a one year low of $43.90 and a one year high of $66.85. The company’s 50-day moving average is $57.41 and its 200 day moving average is $59.14.
Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, July 24th. The bank reported $0.82 earnings per share for the quarter, meeting the consensus estimate of $0.82. The company had revenue of $80.50 million during the quarter, compared to analyst estimates of $81.31 million. Independent Bank Group had a net margin of 23.52% and a return on equity of 8.43%. Independent Bank Group’s revenue for the quarter was up 58.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.74 EPS. Equities analysts anticipate that Independent Bank Group will post $3.30 earnings per share for the current year.
In related news, Director John Webb Jennings III sold 3,000 shares of Independent Bank Group stock in a transaction on Monday, August 7th. The shares were sold at an average price of $61.78, for a total value of $185,340.00. Following the completion of the sale, the director now owns 38,350 shares of the company’s stock, valued at approximately $2,369,263. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 7.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of IBTX. Stone Point Capital LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at $104,909,000. HarbourVest Partners LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at $44,821,000. Castle Creek Capital Partners IV LP acquired a new stake in Independent Bank Group in the 2nd quarter valued at $20,381,000. Next Century Growth Investors LLC acquired a new stake in Independent Bank Group in the 1st quarter valued at $9,832,000. Finally, Frontier Investment Mgmt Co. grew its position in Independent Bank Group by 193.8% in the 2nd quarter. Frontier Investment Mgmt Co. now owns 228,403 shares of the bank’s stock valued at $13,590,000 after purchasing an additional 150,660 shares during the period. 46.49% of the stock is owned by institutional investors and hedge funds.
About Independent Bank Group
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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