Analysts Set Independent Bank Group Inc (NASDAQ:IBTX) Price Target at $64.00

Independent Bank Group Inc (NASDAQ:IBTX) has been given an average recommendation of “Hold” by the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $64.00.

IBTX has been the topic of several analyst reports. ValuEngine downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Wednesday, December 11th. Zacks Investment Research raised shares of Independent Bank Group from a “hold” rating to a “strong-buy” rating and set a $65.00 target price on the stock in a research report on Wednesday, December 25th. Raymond James downgraded shares of Independent Bank Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 10th. Stephens downgraded shares of Independent Bank Group from an “overweight” rating to an “equal” rating and set a $67.00 target price on the stock. in a research report on Wednesday, December 18th. Finally, SunTrust Banks dropped their target price on shares of Independent Bank Group from $61.00 to $60.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd.

In related news, CFO Michelle S. Hickox sold 1,900 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $60.00, for a total transaction of $114,000.00. Following the transaction, the chief financial officer now directly owns 24,517 shares of the company’s stock, valued at $1,471,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark K. Gormley sold 366,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $59.08, for a total transaction of $21,623,280.00. Following the transaction, the director now directly owns 2,690 shares in the company, valued at $158,925.20. The disclosure for this sale can be found here. Insiders own 10.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in IBTX. BlackRock Inc. grew its position in Independent Bank Group by 16.3% during the second quarter. BlackRock Inc. now owns 2,790,943 shares of the bank’s stock valued at $153,390,000 after purchasing an additional 391,494 shares in the last quarter. Millennium Management LLC grew its position in Independent Bank Group by 272.4% during the third quarter. Millennium Management LLC now owns 426,773 shares of the bank’s stock valued at $22,452,000 after purchasing an additional 312,164 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Independent Bank Group during the second quarter valued at approximately $10,450,000. Price T Rowe Associates Inc. MD grew its position in Independent Bank Group by 2.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,607,532 shares of the bank’s stock valued at $143,310,000 after purchasing an additional 72,475 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its position in Independent Bank Group by 90.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 151,683 shares of the bank’s stock valued at $8,409,000 after purchasing an additional 72,018 shares in the last quarter. 64.72% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Independent Bank Group stock traded down $0.97 during trading on Tuesday, hitting $51.74. The stock had a trading volume of 16,813 shares, compared to its average volume of 403,425. The stock has a 50 day simple moving average of $56.33 and a 200 day simple moving average of $54.20. The company has a market capitalization of $2.26 billion, a PE ratio of 11.73 and a beta of 1.44. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.36. Independent Bank Group has a 1 year low of $47.58 and a 1 year high of $63.16.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.01. The business had revenue of $152.72 million for the quarter, compared to the consensus estimate of $141.57 million. Independent Bank Group had a net margin of 26.29% and a return on equity of 9.39%. During the same period last year, the firm posted $1.20 earnings per share. As a group, equities analysts expect that Independent Bank Group will post 5.05 earnings per share for the current fiscal year.

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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