Independent Bank Group, Inc (IBTX) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Independent Bank Group, Inc (NASDAQ:IBTX) from a sell rating to a hold rating in a research report report published on Friday.

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. “

IBTX has been the topic of several other reports. BidaskClub cut Independent Bank Group from a hold rating to a sell rating in a research note on Tuesday, August 22nd. Hovde Group raised Independent Bank Group from a market perform rating to an outperform rating and boosted their price objective for the stock from $68.00 to $69.00 in a research note on Wednesday, July 26th. Keefe, Bruyette & Woods raised Independent Bank Group from a market perform rating to an outperform rating and set a $71.00 price objective on the stock in a research note on Wednesday, July 26th. Stephens reissued a buy rating and set a $72.00 price objective on shares of Independent Bank Group in a research note on Tuesday, June 20th. Finally, Piper Jaffray Companies reissued a buy rating and set a $76.00 price objective on shares of Independent Bank Group in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $71.40.

Shares of Independent Bank Group (IBTX) opened at 60.95 on Friday. The stock has a market capitalization of $1.69 billion, a PE ratio of 20.36 and a beta of 1.28. The company’s 50-day moving average price is $57.56 and its 200 day moving average price is $59.14. Independent Bank Group has a one year low of $43.90 and a one year high of $66.85.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, July 24th. The bank reported $0.82 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.82. Independent Bank Group had a return on equity of 8.43% and a net margin of 23.52%. The company had revenue of $80.50 million for the quarter, compared to analysts’ expectations of $81.31 million. During the same period in the previous year, the firm posted $0.74 earnings per share. The firm’s revenue for the quarter was up 58.4% on a year-over-year basis. Analysts anticipate that Independent Bank Group will post $3.30 EPS for the current year.

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In other Independent Bank Group news, Director John Webb Jennings III sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $185,340.00. Following the sale, the director now directly owns 38,350 shares of the company’s stock, valued at $2,369,263. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.70% of the company’s stock.

Large investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA boosted its position in shares of Independent Bank Group by 2,892.1% during the second quarter. BNP Paribas Arbitrage SA now owns 1,885 shares of the bank’s stock valued at $112,000 after buying an additional 1,822 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Independent Bank Group by 16.2% during the first quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock valued at $179,000 after buying an additional 389 shares during the period. Karp Capital Management Corp purchased a new position in shares of Independent Bank Group during the first quarter valued at approximately $202,000. Virtu KCG Holdings LLC purchased a new position in shares of Independent Bank Group during the second quarter valued at approximately $251,000. Finally, Airain ltd purchased a new position in shares of Independent Bank Group during the second quarter valued at approximately $256,000. Institutional investors and hedge funds own 46.50% of the company’s stock.

About Independent Bank Group

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.

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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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