Zacks Investment Research Downgrades Independent Bank Group (IBTX) to Hold

Independent Bank Group (NASDAQ:IBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, 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. “

A number of other brokerages have also weighed in on IBTX. BidaskClub upgraded Independent Bank Group from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 29th. ValuEngine upgraded Independent Bank Group from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 18th. Raymond James lowered Independent Bank Group from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $72.00 to $61.00 in a research note on Monday, January 7th. Finally, Stephens set a $61.00 target price on Independent Bank Group and gave the stock a “buy” rating in a research note on Thursday, December 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Independent Bank Group presently has an average rating of “Hold” and an average price target of $66.80.

NASDAQ:IBTX opened at $55.96 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 12.55 and a beta of 1.46. Independent Bank Group has a 12-month low of $44.14 and a 12-month high of $79.00.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, April 22nd. The bank reported $1.19 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.19. The company had revenue of $138.08 million for the quarter, compared to analyst estimates of $137.40 million. Independent Bank Group had a return on equity of 9.87% and a net margin of 26.04%. Equities research analysts predict that Independent Bank Group will post 5.23 EPS for the current fiscal year.

In other Independent Bank Group news, Director Paul W. Taylor sold 12,667 shares of the firm’s stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $52.88, for a total transaction of $669,830.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul W. Taylor sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $57.22, for a total value of $286,100.00. Following the transaction, the director now owns 36,229 shares in the company, valued at approximately $2,073,023.38. The disclosure for this sale can be found here. 10.90% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Sapphire Star Partners LP increased its stake in Independent Bank Group by 2.7% during the 4th quarter. Sapphire Star Partners LP now owns 9,800 shares of the bank’s stock worth $448,000 after acquiring an additional 253 shares during the period. Legal & General Group Plc increased its stake in Independent Bank Group by 4.9% during the 4th quarter. Legal & General Group Plc now owns 8,027 shares of the bank’s stock worth $367,000 after acquiring an additional 374 shares during the period. Bank of Montreal Can increased its stake in 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 acquiring an additional 444 shares during the period. Bank of America Corp DE increased its stake in Independent Bank Group by 0.5% during the 4th quarter. Bank of America Corp DE now owns 117,398 shares of the bank’s stock worth $5,372,000 after acquiring an additional 536 shares during the period. Finally, Eqis Capital Management Inc. increased its stake in Independent Bank Group by 16.2% during the 4th quarter. Eqis Capital Management Inc. now owns 4,809 shares of the bank’s stock worth $220,000 after acquiring an additional 669 shares during the period. Hedge funds and other institutional investors own 47.71% of the company’s stock.

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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