Independent Bank Group (IBTX) Rating Increased to Buy at BidaskClub
BidaskClub upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.
Several other research analysts have also recently weighed in on IBTX. Keefe, Bruyette & Woods reissued a buy rating and set a $71.00 price objective on shares of Independent Bank Group in a report on Wednesday, October 4th. Piper Jaffray Companies reissued a buy rating and set a $76.00 price objective on shares of Independent Bank Group in a report on Thursday, October 19th. Finally, Zacks Investment Research raised shares of Independent Bank Group from a sell rating to a hold rating in a report on Friday, October 6th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $71.40.
Independent Bank Group (NASDAQ:IBTX) opened at $68.20 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.55. The stock has a market cap of $1,950.00, a PE ratio of 20.40 and a beta of 1.31. Independent Bank Group has a twelve month low of $51.70 and a twelve month high of $70.75.
Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 23rd. The bank reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.01. Independent Bank Group had a net margin of 23.46% and a return on equity of 8.11%. The business had revenue of $84.99 million during the quarter, compared to analysts’ expectations of $83.00 million. During the same period in the previous year, the company earned $0.78 earnings per share. sell-side analysts predict that Independent Bank Group will post 3.47 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.59%. Independent Bank Group’s dividend payout ratio is currently 13.75%.
In other Independent Bank Group news, Vice Chairman Daniel W. Brooks sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $68.30, for a total transaction of $1,707,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Brian E. Hobart sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $60.71, for a total transaction of $1,365,975.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 87,397 shares of company stock valued at $5,565,604. 7.70% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the business. HarbourVest Partners LLC bought a new position in shares of Independent Bank Group in the second quarter worth approximately $44,821,000. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank Group by 23.0% in the third quarter. Dimensional Fund Advisors LP now owns 644,395 shares of the bank’s stock worth $38,857,000 after purchasing an additional 120,480 shares during the period. Vanguard Group Inc. boosted its position in shares of Independent Bank Group by 18.1% in the second quarter. Vanguard Group Inc. now owns 616,447 shares of the bank’s stock worth $36,678,000 after purchasing an additional 94,580 shares during the period. Alliancebernstein L.P. boosted its position in shares of Independent Bank Group by 13.1% in the second quarter. Alliancebernstein L.P. now owns 541,800 shares of the bank’s stock worth $32,237,000 after purchasing an additional 62,710 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Independent Bank Group by 13.3% in the second quarter. Goldman Sachs Group Inc. now owns 525,689 shares of the bank’s stock worth $31,279,000 after purchasing an additional 61,697 shares during the period. Institutional investors and hedge funds own 49.75% of the company’s stock.
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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