Hovde Group upgraded shares of Independent Bank Group, Inc (NASDAQ:IBTX) from a market perform rating to an outperform rating in a research report released on Wednesday, Marketbeat.com reports. They currently have $69.00 price target on the bank’s stock, up from their previous price target of $68.00.
A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Independent Bank Group from a hold rating to a buy rating and set a $67.00 price target on the stock in a report on Tuesday, March 28th. Stephens reissued a buy rating on shares of Independent Bank Group in a report on Monday, April 24th. Sandler O’Neill raised shares of Independent Bank Group from a hold rating to a buy rating and set a $70.00 price target on the stock in a report on Monday, June 26th. ValuEngine raised shares of Independent Bank Group from a hold rating to a buy rating in a report on Friday, June 2nd. Finally, BidaskClub lowered shares of Independent Bank Group from a hold rating to a sell rating in a report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $69.60.
Shares of Independent Bank Group (NASDAQ IBTX) traded up 0.17% during mid-day trading on Wednesday, hitting $60.10. 95,480 shares of the company traded hands. Independent Bank Group has a 1-year low of $40.39 and a 1-year high of $66.85. The firm’s 50 day moving average price is $58.89 and its 200-day moving average price is $61.02. The stock has a market capitalization of $1.67 billion, a PE ratio of 22.18 and a beta of 1.26.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, July 24th. The bank reported $0.82 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.82. The business had revenue of $80.50 million for the quarter, compared to analyst estimates of $81.31 million. Independent Bank Group had a net margin of 23.52% and a return on equity of 10.30%. The company’s revenue was up 58.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. On average, equities research analysts forecast that Independent Bank Group will post $3.42 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Thursday, August 3rd. Independent Bank Group’s dividend payout ratio (DPR) is presently 13.16%.
Several large investors have recently bought and sold shares of the company. Stone Point Capital LLC bought a new stake in Independent Bank Group during the second quarter valued at approximately $104,909,000. Castle Creek Capital Partners IV LP bought a new stake in Independent Bank Group during the second quarter valued at approximately $20,381,000. Mesirow Financial Investment Management Equity Management boosted its stake in Independent Bank Group by 4,430.6% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 280,443 shares of the bank’s stock valued at $18,031,000 after buying an additional 274,253 shares in the last quarter. Chartwell Investment Partners LLC bought a new stake in Independent Bank Group during the first quarter valued at approximately $13,564,000. Finally, Next Century Growth Investors LLC bought a new stake in Independent Bank Group during the first quarter valued at approximately $9,832,000. 33.58% of the stock is owned by hedge funds and other institutional investors.
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.
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