Independent Bank Group Inc. (IBTX) Receives Consensus Recommendation of “Buy” from Analysts
Independent Bank Group Inc. (NASDAQ:IBTX) has earned a consensus recommendation of “Buy” from the nine research firms that are presently covering the firm. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $45.75.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Thursday, October 27th. Hovde Group upped their target price on Independent Bank Group from $43.00 to $45.50 and gave the company a “market perform” rating in a research report on Wednesday, July 27th. Finally, Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $40.00 to $47.00 and gave the company a “market perform” rating in a research report on Wednesday, July 27th.
Shares of Independent Bank Group (NASDAQ:IBTX) traded up 0.56% during mid-day trading on Friday, reaching $53.40. The company had a trading volume of 55,246 shares. The stock has a market capitalization of $986.24 million, a price-to-earnings ratio of 19.99 and a beta of 1.18. The firm has a 50-day moving average price of $47.31 and a 200-day moving average price of $42.60. Independent Bank Group has a 1-year low of $25.50 and a 1-year high of $54.95.
Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, October 24th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Independent Bank Group had a return on equity of 8.23% and a net margin of 22.20%. During the same quarter in the previous year, the company posted $0.47 earnings per share. Equities analysts expect that Independent Bank Group will post $2.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 18th. Stockholders of record on Monday, November 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, November 3rd. This is a positive change from Independent Bank Group’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.75%. Independent Bank Group’s dividend payout ratio is currently 14.98%.
In other news, CEO David R. Brooks sold 63,923 shares of the stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $51.44, for a total value of $3,288,199.12. Following the transaction, the chief executive officer now directly owns 860,382 shares of the company’s stock, valued at $44,258,050.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David R. Brooks sold 10,000 shares of the stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $47.00, for a total value of $470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 890,382 shares in the company, valued at $41,847,954. The disclosure for this sale can be found here. 16.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Independent Bank Group by 378.3% in the second quarter. BlackRock Inc. now owns 2,803 shares of the company’s stock valued at $120,000 after buying an additional 2,217 shares during the period. Citadel Advisors LLC bought a new stake in Independent Bank Group during the second quarter valued at approximately $213,000. Parametric Portfolio Associates LLC bought a new stake in Independent Bank Group during the second quarter valued at approximately $217,000. BlackRock Advisors LLC raised its stake in Independent Bank Group by 87.6% in the second quarter. BlackRock Advisors LLC now owns 5,318 shares of the company’s stock valued at $228,000 after buying an additional 2,484 shares during the period. Finally, BlackRock Group LTD raised its stake in Independent Bank Group by 8.4% in the third quarter. BlackRock Group LTD now owns 5,483 shares of the company’s stock valued at $242,000 after buying an additional 423 shares during the period. 34.23% of the stock is currently owned by institutional investors and hedge funds.
About Independent Bank Group
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), it provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Its commercial lending products include owner-occupied commercial real estate loans, interim construction loans, commercial loans to a mix of small and midsized businesses, and loans to professionals, particularly medical practices.
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