Zacks Investment Research downgraded shares of Independent Bank Group (NASDAQ:IBTX) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

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. “

A number of other research analysts have also recently issued reports on IBTX. Piper Sandler cut their price target on Independent Bank Group from $46.00 to $40.00 and set an overweight rating for the company in a report on Wednesday, April 29th. SunTrust Banks lifted their price target on Independent Bank Group from $29.00 to $35.00 and gave the company a hold rating in a report on Tuesday, May 19th. BidaskClub raised Independent Bank Group from a sell rating to a hold rating in a report on Saturday, May 30th. ValuEngine raised Independent Bank Group from a sell rating to a hold rating in a report on Tuesday, July 7th. Finally, Raymond James raised Independent Bank Group from a market perform rating to an outperform rating and set a $41.00 price target for the company in a report on Tuesday, May 26th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $44.33.

Shares of NASDAQ IBTX traded down $1.16 during midday trading on Thursday, reaching $43.93. 347,881 shares of the company traded hands, compared to its average volume of 355,773. The firm has a market cap of $1.89 billion, a PE ratio of 9.98 and a beta of 1.97. The stock’s 50-day simple moving average is $40.28 and its 200-day simple moving average is $38.90. Independent Bank Group has a 12 month low of $20.35 and a 12 month high of $63.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 1.07.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Tuesday, July 28th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.25. The company had revenue of $153.75 million during the quarter, compared to analysts’ expectations of $141.77 million. Independent Bank Group had a return on equity of 8.76% and a net margin of 26.11%. During the same period last year, the business earned $1.22 earnings per share. On average, equities research analysts expect that Independent Bank Group will post 4.25 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Monday, August 10th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, August 7th. This represents a $1.00 annualized dividend and a yield of 2.28%. Independent Bank Group’s dividend payout ratio is currently 19.69%.

A number of large investors have recently made changes to their positions in IBTX. Basswood Capital Management L.L.C. raised its holdings in Independent Bank Group by 472.2% during the 1st quarter. Basswood Capital Management L.L.C. now owns 687,248 shares of the bank’s stock worth $16,274,000 after purchasing an additional 567,134 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Independent Bank Group during the 1st quarter worth about $12,524,000. Davis Capital Partners LLC acquired a new position in shares of Independent Bank Group during the 1st quarter worth about $11,195,000. Norges Bank acquired a new position in shares of Independent Bank Group during the 4th quarter worth about $21,139,000. Finally, Balyasny Asset Management LLC grew its position in shares of Independent Bank Group by 155.1% during the 1st quarter. Balyasny Asset Management LLC now owns 391,053 shares of the bank’s stock worth $9,260,000 after buying an additional 237,783 shares during the period. 69.82% of the stock is owned by hedge funds and other institutional investors.

About Independent Bank Group

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.

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