Independent Bank Group (NASDAQ:IBTX) was upgraded by analysts at ValuEngine from a "sell" rating to a "hold" rating in a note issued to investors on Tuesday, ValuEngine reports.
Other analysts also recently issued research reports about the company. SunTrust Banks lifted their target price on Independent Bank Group from $29.00 to $35.00 and gave the company a "hold" rating in a research note on Tuesday, May 19th. BidaskClub raised shares of Independent Bank Group from a "sell" rating to a "hold" rating in a report on Saturday, May 30th. Hovde Group raised shares of Independent Bank Group from a "market perform" rating to an "outperform" rating and cut their target price for the company from $59.00 to $42.00 in a research note on Wednesday, May 27th. Raymond James upgraded shares of Independent Bank Group from a "market perform" rating to an "outperform" rating and set a $41.00 price target on the stock in a research note on Tuesday, May 26th. Finally, Zacks Investment Research upgraded Independent Bank Group from a "sell" rating to a "hold" rating and set a $47.00 price objective for the company in a research report on Wednesday, July 1st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of "Buy" and a consensus target price of $44.33.
NASDAQ IBTX opened at $39.23 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.51. Independent Bank Group has a 12 month low of $20.35 and a 12 month high of $63.16. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 8.44 and a beta of 1.97. The company's 50 day moving average is $38.18 and its two-hundred day moving average is $40.81.
Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, April 27th. The bank reported $1.03 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.03). Independent Bank Group had a net margin of 27.36% and a return on equity of 9.10%. The firm had revenue of $137.75 million for the quarter, compared to analysts' expectations of $140.70 million. Sell-side analysts forecast that Independent Bank Group will post 3.96 EPS for the current year.
In other news, COO James C. White sold 2,000 shares of the business's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $28.97, for a total value of $57,940.00. Following the sale, the chief operating officer now directly owns 16,089 shares in the company, valued at approximately $466,098.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 7.50% of the company's stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Basswood Capital Management L.L.C. grew 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 acquiring an additional 567,134 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Independent Bank Group during the 1st quarter worth $12,524,000. Davis Capital Partners LLC bought a new stake in Independent Bank Group during the first quarter valued at about $11,195,000. Norges Bank purchased a new position in Independent Bank Group in the fourth quarter valued at about $21,139,000. Finally, CNH Partners LLC bought a new position in Independent Bank Group in the fourth quarter worth about $19,183,000. 69.80% of the stock is currently 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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