Independent Bank Group Inc. (IBTX) PT Raised to $61.00
Independent Bank Group Inc. (NASDAQ:IBTX) had its target price upped by equities research analysts at Hovde Group from $50.00 to $61.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has a “market perform” rating on the stock. Hovde Group’s price target would indicate a potential upside of 1.67% from the company’s previous close.
IBTX has been the subject of a number of other reports. Zacks Investment Research raised shares of 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. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $40.00 to $47.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $46.57.
Shares of Independent Bank Group (NASDAQ:IBTX) opened at 60.00 on Wednesday. Independent Bank Group has a one year low of $25.50 and a one year high of $60.00. The stock has a market cap of $1.11 billion, a P/E ratio of 22.46 and a beta of 1.18. The stock has a 50 day moving average of $48.76 and a 200 day moving average of $43.26.
Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Monday, October 24th. The company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. Independent Bank Group had a net margin of 22.20% and a return on equity of 8.23%. During the same quarter last year, the firm earned $0.47 earnings per share. Equities analysts expect that Independent Bank Group will post $2.95 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 7th were issued a $0.10 dividend. The ex-dividend date was Thursday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.67%. This is an increase from Independent Bank Group’s previous quarterly dividend of $0.08. Independent Bank Group’s dividend payout ratio is currently 14.98%.
In related news, Vice Chairman Brian E. Hobart sold 7,500 shares of the stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $43.46, for a total value of $325,950.00. Following the transaction, the insider now owns 168,319 shares in the company, valued at $7,315,143.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David R. Brooks sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the transaction, the chief executive officer now owns 780,382 shares in the company, valued at approximately $42,921,010. The disclosure for this sale can be found here. 16.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in Independent Bank Group by 13.1% in the third quarter. Price T Rowe Associates Inc. MD now owns 621,290 shares of the company’s stock worth $27,442,000 after buying an additional 72,040 shares in the last quarter. Wellington Management Group LLP increased its position in Independent Bank Group by 654.0% in the first quarter. Wellington Management Group LLP now owns 456,653 shares of the company’s stock worth $12,513,000 after buying an additional 396,089 shares in the last quarter. Vanguard Group Inc. increased its position in Independent Bank Group by 13.6% in the second quarter. Vanguard Group Inc. now owns 388,128 shares of the company’s stock worth $16,655,000 after buying an additional 46,369 shares in the last quarter. Alliancebernstein L.P. increased its position in Independent Bank Group by 4.0% in the second quarter. Alliancebernstein L.P. now owns 341,284 shares of the company’s stock worth $14,644,000 after buying an additional 13,174 shares in the last quarter. Finally, BlackRock Fund Advisors increased its position in Independent Bank Group by 8.1% in the third quarter. BlackRock Fund Advisors now owns 308,867 shares of the company’s stock worth $13,643,000 after buying an additional 23,158 shares in the last quarter. Hedge funds and other institutional investors own 33.83% of the company’s stock.
Independent Bank Group Company Profile
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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