Trade Report: Today, Independent Bank Group Inc. (IBTX) Price Target Raised to $61.00 at Hovde Group

Today, Independent Bank Group Inc. (IBTX) Price Target Raised to $61.00 at Hovde Group

Independent Bank Group Inc. (NASDAQ:IBTX) had its price target boosted by Hovde Group from $50.00 to $61.00 in a report published on Wednesday morning. They currently have a market perform rating on the stock.

Several other research analysts have also issued reports on IBTX. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank Group from $40.00 to $47.00 and gave the stock a market perform rating in a research note on Wednesday, July 27th. Zacks Investment Research downgraded shares of Independent Bank Group from a buy rating to a hold rating in a research report on Wednesday, September 28th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $46.57.

Shares of Independent Bank Group (NASDAQ:IBTX) opened at 59.85 on Wednesday. Independent Bank Group has a 52-week low of $25.50 and a 52-week high of $60.45. The stock has a 50 day moving average of $49.80 and a 200 day moving average of $43.75. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 22.41 and a beta of 1.18.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 24th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 period last year, the business posted $0.47 earnings per share. On average, equities research analysts expect that Independent Bank Group will post $2.95 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Monday, November 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date was Thursday, November 3rd. This is an increase from Independent Bank Group’s previous quarterly dividend of $0.08. Independent Bank Group’s dividend payout ratio (DPR) is presently 14.98%.

In other news, Vice Chairman Brian E. Hobart sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $43.46, for a total transaction of $325,950.00. Following the sale, the insider now owns 168,319 shares of the company’s stock, valued at approximately $7,315,143.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jan C. Webb sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, October 12th. The shares were sold at an average price of $45.00, for a total transaction of $225,000.00. Following the sale, the executive vice president now directly owns 31,495 shares in the company, valued at approximately $1,417,275. The disclosure for this sale can be found here. Insiders own 16.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in IBTX. Wellington Management Group LLP increased its stake in shares of 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 during the last quarter. Weatherbie Capital LLC raised its stake in shares of Independent Bank Group by 45.0% in the second quarter. Weatherbie Capital LLC now owns 245,309 shares of the company’s stock valued at $10,526,000 after buying an additional 76,164 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of 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 valued at $27,442,000 after buying an additional 72,040 shares during the period. Envestnet Asset Management Inc. acquired a new stake in shares of Independent Bank Group during the first quarter valued at about $1,815,000. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Independent Bank Group by 40.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 200,821 shares of the company’s stock valued at $8,617,000 after buying an additional 58,076 shares during the period. 35.39% of the stock is currently owned by hedge funds and other institutional investors.

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