Independent Bank Group (IBTX) Stock Rating Upgraded by ValuEngine

Independent Bank Group (NASDAQ:IBTX) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research note issued on Thursday, April 18th, ValuEngine reports.

IBTX has been the topic of several other research reports. BidaskClub raised shares of Independent Bank Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, February 14th. Zacks Investment Research raised shares of Independent Bank Group from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 2nd. Stephens set a $61.00 target price on shares of Independent Bank Group and gave the stock a “buy” rating in a research report on Thursday, December 27th. Finally, Raymond James cut shares of Independent Bank Group from a “strong-buy” rating to an “outperform” rating and dropped their target price for the stock from $72.00 to $61.00 in a research report on Monday, January 7th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $66.80.

Shares of IBTX traded up $0.43 during trading hours on Thursday, hitting $54.89. The stock had a trading volume of 134,540 shares, compared to its average volume of 223,248. Independent Bank Group has a 1-year low of $44.14 and a 1-year high of $79.00. The company has a market cap of $2.40 billion, a PE ratio of 12.12 and a beta of 1.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.01 and a quick ratio of 1.01.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $1.19 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.19. Independent Bank Group had a net margin of 26.04% and a return on equity of 8.92%. The business had revenue of $138.08 million for the quarter, compared to analysts’ expectations of $137.40 million. Analysts expect that Independent Bank Group will post 5.23 EPS for the current fiscal year.

In related news, Director Paul W. Taylor sold 5,300 shares of Independent Bank Group stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $56.79, for a total value of $300,987.00. Following the completion of the transaction, the director now directly owns 30,929 shares in the company, valued at approximately $1,756,457.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul W. Taylor sold 5,000 shares of Independent Bank Group stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $57.22, for a total transaction of $286,100.00. Following the completion of the transaction, the director now owns 36,229 shares of the company’s stock, valued at $2,073,023.38. The disclosure for this sale can be found here. Insiders own 10.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in IBTX. BlackRock Inc. grew its stake in Independent Bank Group by 48.0% in the 1st quarter. BlackRock Inc. now owns 2,399,449 shares of the bank’s stock valued at $123,066,000 after buying an additional 778,630 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Independent Bank Group by 26.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,221,732 shares of the bank’s stock valued at $113,954,000 after buying an additional 465,429 shares in the last quarter. Macquarie Group Ltd. grew its stake in Independent Bank Group by 50.2% in the 3rd quarter. Macquarie Group Ltd. now owns 829,480 shares of the bank’s stock valued at $54,995,000 after buying an additional 277,098 shares in the last quarter. Norges Bank purchased a new position in shares of Independent Bank Group during the 4th quarter valued at $9,889,000. Finally, Marshall Wace LLP purchased a new position in shares of Independent Bank Group during the 3rd quarter valued at $12,186,000. Institutional investors and hedge funds own 47.80% of the company’s stock.

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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