Independent Bank Group Inc (IBTX) Receives $78.60 Consensus Target Price from Brokerages
Independent Bank Group Inc (NASDAQ:IBTX) has received a consensus recommendation of “Buy” from the nine ratings firms that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $78.60.
IBTX has been the subject of several recent research reports. BidaskClub lowered Independent Bank Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Hovde Group set a $80.00 price target on Independent Bank Group and gave the company a “buy” rating in a report on Wednesday, July 25th. ValuEngine lowered Independent Bank Group from a “buy” rating to a “hold” rating in a report on Friday, June 8th. SunTrust Banks boosted their price target on Independent Bank Group to $80.00 and gave the company a “hold” rating in a report on Tuesday, May 15th. Finally, Zacks Investment Research lowered Independent Bank Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th.
Shares of IBTX traded up $0.80 during trading hours on Tuesday, hitting $69.30. The stock had a trading volume of 142,972 shares, compared to its average volume of 159,059. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 1.07. Independent Bank Group has a 12 month low of $51.70 and a 12 month high of $79.00. The firm has a market capitalization of $2.11 billion, a P/E ratio of 20.09 and a beta of 1.22.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 16th. Stockholders of record on Monday, August 6th were given a $0.14 dividend. The ex-dividend date was Friday, August 3rd. This represents a $0.56 annualized dividend and a dividend yield of 0.81%. Independent Bank Group’s payout ratio is 16.23%.
In other Independent Bank Group news, Director G Stacy Smith acquired 17,000 shares of the stock in a transaction dated Friday, May 25th. The shares were acquired at an average cost of $74.75 per share, for a total transaction of $1,270,750.00. Following the completion of the transaction, the director now directly owns 89,974 shares of the company’s stock, valued at $6,725,556.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jan C. Webb sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 31st. The shares were sold at an average price of $75.56, for a total value of $377,800.00. Following the completion of the transaction, the executive vice president now owns 17,295 shares in the company, valued at $1,306,810.20. The disclosure for this sale can be found here. Insiders bought 52,000 shares of company stock worth $3,809,600 over the last 90 days. Company insiders own 10.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. US Bancorp DE lifted its position in shares of Independent Bank Group by 7.9% in the first quarter. US Bancorp DE now owns 11,157 shares of the bank’s stock valued at $789,000 after acquiring an additional 816 shares in the last quarter. American International Group Inc. lifted its position in shares of Independent Bank Group by 7.0% in the first quarter. American International Group Inc. now owns 12,730 shares of the bank’s stock worth $900,000 after buying an additional 834 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Independent Bank Group by 11.4% in the first quarter. Stifel Financial Corp now owns 8,249 shares of the bank’s stock worth $586,000 after buying an additional 843 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its position in shares of Independent Bank Group by 15.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 6,925 shares of the bank’s stock worth $463,000 after buying an additional 914 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Independent Bank Group by 4.2% in the first quarter. Swiss National Bank now owns 27,052 shares of the bank’s stock worth $1,913,000 after buying an additional 1,100 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.
About Independent Bank Group
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including checking and savings accounts, demand accounts, money market accounts, and certificates of deposit, as well as individual retirement accounts.
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