Independent Bank Group (IBTX) Earns “Buy” Rating from Stephens

Stephens reiterated their buy rating on shares of Independent Bank Group (NASDAQ:IBTX) in a report released on Monday, AnalystRatings.com reports. The brokerage currently has a $67.00 price target on the bank’s stock.

“We’re optimistic IBTX will experience multiple expansion towards TX peers of 12x upon full deal integration. We maintain our Overweight rating.”,” Stephens’ analyst wrote.

Other research analysts have also recently issued reports about the company. Zacks Investment Research raised Independent Bank Group from a hold rating to a buy rating and set a $60.00 target price for the company in a research report on Wednesday, April 3rd. BidaskClub raised Independent Bank Group from a sell rating to a hold rating in a research report on Tuesday, April 16th. Finally, ValuEngine raised Independent Bank Group from a strong sell rating to a sell rating in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $66.40.

IBTX opened at $53.91 on Monday. Independent Bank Group has a 1-year low of $44.14 and a 1-year high of $77.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $2.32 billion, a PE ratio of 12.09 and a beta of 1.49.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, April 22nd. The bank reported $1.19 EPS for the quarter, hitting the consensus estimate of $1.19. The firm had revenue of $138.08 million during the quarter, compared to analysts’ expectations of $137.40 million. Independent Bank Group had a return on equity of 8.92% and a net margin of 26.04%. As a group, sell-side analysts predict that Independent Bank Group will post 5.23 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were given a $0.25 dividend. The ex-dividend date was Friday, May 3rd. This represents a $1.00 annualized dividend and a yield of 1.85%. Independent Bank Group’s dividend payout ratio (DPR) is currently 22.42%.

In other news, Vice Chairman Brian E. Hobart bought 1,790 shares of Independent Bank Group stock in a transaction that occurred on Thursday, April 25th. The stock was purchased at an average cost of $55.90 per share, with a total value of $100,061.00. Following the completion of the transaction, the insider now directly owns 132,375 shares in the company, valued at $7,399,762.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul W. Taylor sold 5,300 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was 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 of the company’s stock, valued at $1,756,457.91. The disclosure for this sale can be found here. 10.90% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Independent Bank Group by 48.0% during the first quarter. BlackRock Inc. now owns 2,399,449 shares of the bank’s stock worth $123,066,000 after acquiring an additional 778,630 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Independent Bank Group by 26.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,221,732 shares of the bank’s stock worth $113,954,000 after acquiring an additional 465,429 shares in the last quarter. Vanguard Group Inc. raised its stake in Independent Bank Group by 4.0% during the third quarter. Vanguard Group Inc. now owns 1,615,802 shares of the bank’s stock worth $107,127,000 after acquiring an additional 61,969 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Independent Bank Group by 9.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,153,742 shares of the bank’s stock worth $59,175,000 after acquiring an additional 102,058 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Independent Bank Group by 16.1% during the first quarter. Wellington Management Group LLP now owns 1,055,920 shares of the bank’s stock worth $54,158,000 after acquiring an additional 146,598 shares in the last quarter. Hedge funds and other institutional investors own 48.07% 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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