The Independent Bank Group Inc. (IBTX) Given Consensus Rating of “Buy” by Brokerages

The Independent Bank Group Inc. (IBTX) Given Consensus Rating of “Buy” by Brokerages

Independent Bank Group Inc. (NASDAQ:IBTX) has been given a consensus rating of “Buy” by the ten ratings firms that are covering the firm. Five investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $44.10.

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted 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. Raymond James Financial Inc. started coverage on Independent Bank Group in a research report on Thursday, July 7th. They set an “outperform” rating and a $44.00 target price on the stock. Hovde Group boosted their price objective 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, Zacks Investment Research upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Thursday, June 30th.

In related news, Vice Chairman Brian E. Hobart sold 7,500 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $43.46, for a total value of $325,950.00. Following the sale, the insider now directly owns 168,319 shares in the company, valued at $7,315,143.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jan C. Webb sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 12th. The stock was sold at an average price of $45.00, for a total value of $225,000.00. Following the completion of the sale, the executive vice president now owns 31,495 shares in the company, valued at $1,417,275. The disclosure for this sale can be found here. 16.20% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of IBTX. BlackRock Inc. increased 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 worth $120,000 after buying an additional 2,217 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Independent Bank Group during the second quarter valued at $213,000. Parametric Portfolio Associates LLC bought a new stake in shares of Independent Bank Group during the second quarter valued at $217,000. BlackRock Advisors LLC boosted its stake in shares of 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 last quarter. Finally, American International Group Inc. boosted its stake in shares of Independent Bank Group by 12.6% in the second quarter. American International Group Inc. now owns 6,398 shares of the company’s stock valued at $275,000 after buying an additional 718 shares during the last quarter. Institutional investors own 33.92% of the company’s stock.

Independent Bank Group (NASDAQ:IBTX) traded up 0.89% during trading on Friday, reaching $45.55. The company had a trading volume of 37,502 shares. The firm’s 50 day moving average is $44.09 and its 200 day moving average is $39.30. The company has a market capitalization of $841.54 million, a PE ratio of 19.24 and a beta of 1.26. Independent Bank Group has a one year low of $25.50 and a one year high of $46.95.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, July 25th. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $50.81 million for the quarter, compared to the consensus estimate of $50.21 million. Independent Bank Group had a return on equity of 7.64% and a net margin of 20.35%. Independent Bank Group’s revenue for the quarter was up 21.3% compared to the same quarter last year. On average, equities research analysts predict that Independent Bank Group will post $2.86 earnings per share for the current year.

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