BidaskClub upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a hold rating in a research note published on Wednesday, BidAskClub reports.
IBTX has been the subject of a number of other reports. Stephens set a $69.00 target price on Independent Bank Group and gave the stock a buy rating in a research note on Tuesday, April 23rd. Zacks Investment Research raised Independent Bank Group from a strong sell rating to a hold rating in a research note on Saturday, February 2nd. ValuEngine downgraded Independent Bank Group from a sell rating to a strong sell rating in a research note on Wednesday, March 20th. Finally, Raymond James downgraded Independent Bank Group from a strong-buy rating to an outperform rating and cut their target price for the stock from $72.00 to $61.00 in a research note on Monday, January 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Independent Bank Group presently has a consensus rating of Hold and a consensus target price of $66.80.
Shares of IBTX traded up $1.70 during midday trading on Wednesday, reaching $57.64. The company had a trading volume of 194,682 shares, compared to its average volume of 183,560. Independent Bank Group has a 1-year low of $44.14 and a 1-year high of $79.00. The company has a market capitalization of $2.52 billion, a PE ratio of 12.92 and a beta of 1.49. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.27.
Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, April 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.19. Independent Bank Group had a return on equity of 8.92% and a net margin of 26.04%. The business had revenue of $138.08 million during the quarter, compared to the consensus estimate of $137.40 million. As a group, equities analysts anticipate that Independent Bank Group will post 5.23 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, May 3rd. Independent Bank Group’s dividend payout ratio (DPR) is presently 22.42%.
In related news, Director Paul W. Taylor sold 5,300 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $56.79, for a total transaction of $300,987.00. Following the completion of the sale, the director now directly owns 30,929 shares of the company’s stock, valued at approximately $1,756,457.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Brian E. Hobart acquired 1,790 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were acquired 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 approximately $7,399,762.50. The disclosure for this purchase can be found here. 10.90% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. First Manhattan Co. acquired a new stake in shares of Independent Bank Group during the 1st quarter worth about $404,000. Bank of Montreal Can increased its position in shares of Independent Bank Group by 64.7% during the 4th 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. Marshall Wace LLP acquired a new stake in shares of Independent Bank Group during the 3rd quarter worth about $12,186,000. Summit Securities Group LLC acquired a new stake in shares of Independent Bank Group during the 4th quarter worth about $468,000. Finally, Bayview Asset Management LLC acquired a new stake in shares of Independent Bank Group during the 4th quarter worth about $5,973,000. 47.76% 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.
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