Independent Bank Group (NASDAQ:IBTX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Independent Bank Group (NASDAQ:IBTX) from a hold rating to a sell rating in a report issued on Wednesday, 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. “

Several other research analysts also recently commented on IBTX. ValuEngine downgraded shares of Independent Bank Group from a sell rating to a strong sell rating in a research report on Wednesday, May 15th. BidaskClub upgraded shares of Independent Bank Group from a sell rating to a hold rating in a research report on Wednesday, May 1st. Finally, Stephens restated a buy rating and set a $67.00 price objective on shares of Independent Bank Group in a research report on Monday, May 20th. Three analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Independent Bank Group presently has a consensus rating of Hold and an average price target of $66.40.

NASDAQ IBTX opened at $54.96 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. Independent Bank Group has a 1-year low of $44.14 and a 1-year high of $71.35. The company has a 50 day simple moving average of $53.48. The firm has a market capitalization of $2.38 billion, a P/E ratio of 12.32 and a beta of 1.49.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, April 22nd. The bank reported $1.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.19. Independent Bank Group had a net margin of 26.04% and a return on equity of 8.92%. The company had revenue of $138.08 million during the quarter, compared to the consensus estimate of $137.40 million. Research analysts predict that Independent Bank Group will post 5.22 earnings per share for the current year.

In other news, Director G Stacy Smith sold 135,000 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $52.90, for a total transaction of $7,141,500.00. Following the completion of the transaction, the director now directly owns 91,022 shares in the company, valued at $4,815,063.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul W. Taylor sold 5,300 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $56.79, for a total transaction of $300,987.00. Following the transaction, the director now 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 insiders.

Several large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new stake in shares of Independent Bank Group in the fourth quarter worth $32,000. Toronto Dominion Bank bought a new stake in shares of Independent Bank Group in the first quarter worth $32,000. Valeo Financial Advisors LLC bought a new stake in shares of Independent Bank Group in the first quarter worth $50,000. Bank of Montreal Can grew its stake in shares of Independent Bank Group by 64.7% in the fourth quarter. Bank of Montreal Can now owns 1,130 shares of the bank’s stock worth $52,000 after purchasing an additional 444 shares during the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in shares of Independent Bank Group by 87.5% in the fourth quarter. Great West Life Assurance Co. Can now owns 2,402 shares of the bank’s stock worth $106,000 after purchasing an additional 1,121 shares during the last quarter. Institutional investors own 61.14% of the company’s stock.

Independent Bank Group Company Profile

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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