Zacks Investment Research Upgrades Independent Bank Group (NASDAQ:IBTX) to Hold

Zacks Investment Research upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a hold rating in a research report sent to investors 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. “

Other analysts also recently issued reports about the company. BidaskClub downgraded Independent Bank Group from a sell rating to a strong sell rating in a report on Wednesday, August 14th. ValuEngine raised Independent Bank Group from a strong sell rating to a sell rating in a report on Friday, May 24th. Finally, Stephens reissued a buy rating and issued a $67.00 target price on shares of Independent Bank Group in a report on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Independent Bank Group currently has a consensus rating of Hold and an average target price of $63.00.

Independent Bank Group stock opened at $49.99 on Thursday. Independent Bank Group has a fifty-two week low of $44.14 and a fifty-two week high of $71.35. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.03. The company has a market capitalization of $2.15 billion, a P/E ratio of 11.21 and a beta of 1.40. The stock has a 50-day simple moving average of $54.51 and a 200-day simple moving average of $54.67.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, July 22nd. The bank reported $1.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.27 by ($0.05). Independent Bank Group had a net margin of 26.06% and a return on equity of 9.18%. The firm had revenue of $145.84 million during the quarter, compared to analysts’ expectations of $138.67 million. As a group, analysts forecast that Independent Bank Group will post 5.15 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Friday, August 2nd. Independent Bank Group’s payout ratio is currently 22.42%.

In other Independent Bank Group news, Director G Stacy Smith sold 135,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $52.90, for a total transaction of $7,141,500.00. Following the completion of the sale, the director now directly owns 91,022 shares of the company’s stock, valued at approximately $4,815,063.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.90% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of IBTX. BlackRock Inc. raised its stake in shares of Independent Bank Group by 16.3% during the 2nd quarter. BlackRock Inc. now owns 2,790,943 shares of the bank’s stock worth $153,390,000 after buying an additional 391,494 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Independent Bank Group by 2.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,607,532 shares of the bank’s stock worth $143,310,000 after buying an additional 72,475 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank Group by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,756,303 shares of the bank’s stock worth $80,389,000 after buying an additional 216,028 shares in the last quarter. Northern Trust Corp raised its stake in shares of Independent Bank Group by 15.0% during the 2nd quarter. Northern Trust Corp now owns 495,492 shares of the bank’s stock worth $27,232,000 after buying an additional 64,673 shares in the last quarter. Finally, Investment Counselors of Maryland LLC raised its stake in shares of Independent Bank Group by 1.1% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 402,360 shares of the bank’s stock worth $22,114,000 after buying an additional 4,543 shares in the last quarter. 61.21% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: How is the Producer Price Index calculated?

Get a free copy of the Zacks research report on Independent Bank Group (IBTX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Independent Bank Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Group and related companies with MarketBeat.com's FREE daily email newsletter.