Independent Bank Group Inc. (NASDAQ:IBTX) has been given a consensus recommendation of “Buy” by the ten ratings firms that are currently covering the company. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $44.10.
Several equities research analysts have weighed in on IBTX shares. Zacks Investment Research upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Thursday, June 30th. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $40.00 to $47.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Hovde Group lifted their price objective on shares of Independent Bank Group from $43.00 to $45.50 and gave the stock a “market perform” rating in a research note on Wednesday, July 27th. Finally, Raymond James Financial Inc. started coverage on shares of Independent Bank Group in a research note on Thursday, July 7th. They set an “outperform” rating and a $44.00 price objective for the company.
In related news, Vice Chairman Brian E. Hobart sold 7,500 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $43.46, for a total transaction of $325,950.00. Following the completion of the transaction, the insider now directly owns 168,319 shares in the company, valued at $7,315,143.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jan C. Webb sold 5,000 shares of the business’s stock in a transaction on Wednesday, October 12th. The shares were sold at an average price of $45.00, for a total transaction of $225,000.00. Following the transaction, the executive vice president now owns 31,495 shares of the company’s stock, valued at $1,417,275. The disclosure for this sale can be found here. Corporate insiders own 16.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of IBTX. BlackRock Inc. boosted its position in Independent Bank Group by 378.3% in the second quarter. BlackRock Inc. now owns 2,803 shares of the company’s stock worth $120,000 after buying an additional 2,217 shares during the last quarter. Citadel Advisors LLC purchased a new position in Independent Bank Group during the second quarter worth $213,000. Parametric Portfolio Associates LLC purchased a new position in Independent Bank Group during the second quarter worth $217,000. BlackRock Advisors LLC boosted its position in Independent Bank Group by 87.6% in the second quarter. BlackRock Advisors LLC now owns 5,318 shares of the company’s stock worth $228,000 after buying an additional 2,484 shares during the last quarter. Finally, American International Group Inc. boosted its position in Independent Bank Group by 12.6% in the second quarter. American International Group Inc. now owns 6,398 shares of the company’s stock worth $275,000 after buying an additional 718 shares during the last quarter. Institutional investors own 33.92% of the company’s stock.
Shares of Independent Bank Group (NASDAQ:IBTX) opened at 45.80 on Friday. The stock has a market cap of $846.16 million, a price-to-earnings ratio of 19.34 and a beta of 1.26. Independent Bank Group has a 52 week low of $25.50 and a 52 week high of $46.95. The firm has a 50-day moving average price of $44.23 and a 200-day moving average price of $39.86.
Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, July 25th. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company earned $50.81 million during the quarter, compared to the consensus estimate of $50.21 million. Independent Bank Group had a net margin of 20.35% and a return on equity of 7.64%. Independent Bank Group’s revenue for the quarter was up 21.3% on a year-over-year basis. On average, equities analysts anticipate that Independent Bank Group will post $2.86 earnings per share for the current year.
About Independent Bank Group
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), it provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Its commercial lending products include owner-occupied commercial real estate loans, interim construction loans, commercial loans to a mix of small and midsized businesses, and loans to professionals, particularly medical practices.
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