BidaskClub lowered shares of Independent Bank Group (NASDAQ:IBTX) from a buy rating to a hold rating in a research report released on Thursday morning.

A number of other brokerages have also weighed in on IBTX. Piper Jaffray Companies restated a buy rating and set a $76.00 target price on shares of Independent Bank Group in a research report on Thursday, October 19th. Zacks Investment Research upgraded shares of Independent Bank Group from a sell rating to a hold rating in a research report on Friday, October 6th. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $71.00 target price on shares of Independent Bank Group in a research report on Wednesday, October 4th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and an average price target of $71.40.

Shares of Independent Bank Group (IBTX) traded up $2.10 during midday trading on Thursday, hitting $69.90. 214,995 shares of the stock were exchanged, compared to its average volume of 123,945. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $1,970.97, a PE ratio of 20.68 and a beta of 1.31. Independent Bank Group has a 1 year low of $51.70 and a 1 year high of $70.75.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, October 23rd. The bank reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. The firm had revenue of $84.99 million during the quarter, compared to analysts’ expectations of $83.00 million. Independent Bank Group had a net margin of 23.46% and a return on equity of 8.11%. During the same period in the prior year, the company posted $0.78 earnings per share. sell-side analysts expect that Independent Bank Group will post 3.47 earnings per share for the current fiscal year.

In related news, Vice Chairman Daniel W. Brooks sold 7,503 shares of the company’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $60.67, for a total transaction of $455,207.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Daniel W. Brooks sold 25,000 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $68.30, for a total transaction of $1,707,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,397 shares of company stock valued at $5,565,604. 7.70% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA lifted its position in 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 purchasing an additional 1,822 shares during the last quarter. Virtu KCG Holdings LLC bought a new position in Independent Bank Group during the second quarter valued at $251,000. Airain ltd bought a new position in Independent Bank Group during the second quarter valued at $256,000. Legal & General Group Plc lifted its position in Independent Bank Group by 66.9% during the second quarter. Legal & General Group Plc now owns 4,472 shares of the bank’s stock valued at $266,000 after purchasing an additional 1,792 shares during the last quarter. Finally, Yorktown Management & Research Co Inc bought a new position in Independent Bank Group during the third quarter valued at $323,000. Institutional investors and hedge funds own 49.06% of the company’s stock.

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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.

Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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