Shares of Independent Bank Group, Inc (NASDAQ:IBTX) have received an average rating of “Hold” from the seven ratings firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $70.25.
IBTX has been the subject of a number of analyst reports. Zacks Investment Research downgraded Independent Bank Group from a “hold” rating to a “sell” rating in a report on Thursday, June 29th. Stephens reissued a “buy” rating on shares of Independent Bank Group in a report on Monday, April 24th. ValuEngine raised Independent Bank Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub downgraded Independent Bank Group from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Finally, Sandler O’Neill raised Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Monday, June 26th.
In other Independent Bank Group news, Director John Webb Jennings III sold 3,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $185,340.00. Following the transaction, the director now owns 38,350 shares of the company’s stock, valued at approximately $2,369,263. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 7.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its position in Independent Bank Group by 898.4% in the first quarter. US Bancorp DE now owns 7,528 shares of the bank’s stock worth $484,000 after buying an additional 6,774 shares in the last quarter. First Trust Advisors LP increased its position in Independent Bank Group by 38.4% in the first quarter. First Trust Advisors LP now owns 74,333 shares of the bank’s stock worth $4,780,000 after buying an additional 20,627 shares in the last quarter. Eqis Capital Management Inc. purchased a new position in Independent Bank Group during the first quarter worth approximately $293,000. Wells Fargo & Company MN increased its position in Independent Bank Group by 18.5% in the first quarter. Wells Fargo & Company MN now owns 30,599 shares of the bank’s stock worth $1,968,000 after buying an additional 4,775 shares in the last quarter. Finally, Sapphire Star Partners LP purchased a new position in Independent Bank Group during the first quarter worth approximately $285,000. 41.45% of the stock is currently owned by institutional investors.
Shares of Independent Bank Group (NASDAQ:IBTX) traded down 3.67% during mid-day trading on Friday, hitting $59.10. The company had a trading volume of 167,436 shares. Independent Bank Group has a 12 month low of $41.92 and a 12 month high of $66.85. The firm has a 50-day moving average of $59.13 and a 200-day moving average of $60.98. The company has a market cap of $1.64 billion, a PE ratio of 19.74 and a beta of 1.26.
Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, July 24th. The bank reported $0.82 EPS for the quarter, meeting analysts’ consensus estimates of $0.82. The firm had revenue of $80.50 million during the quarter, compared to the consensus estimate of $81.31 million. Independent Bank Group had a return on equity of 8.43% and a net margin of 23.52%. Independent Bank Group’s revenue for the quarter was up 58.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.74 earnings per share. On average, analysts expect that Independent Bank Group will post $3.34 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 7th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, August 3rd. Independent Bank Group’s dividend payout ratio is presently 13.16%.
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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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