Independent Bank Group (IBTX) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

IBTX has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Independent Bank Group from a sell rating to a hold rating in a research note on Friday, October 6th. Piper Jaffray Companies reiterated a buy rating and issued a $76.00 target price on shares of Independent Bank Group in a research note on Thursday, October 19th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $71.00 target price on shares of Independent Bank Group in a research note on Wednesday, October 4th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $71.40.

Independent Bank Group (IBTX) opened at $69.35 on Friday. Independent Bank Group has a one year low of $51.70 and a one year high of $70.75. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.03. The firm has a market cap of $1,944.20, a price-to-earnings ratio of 20.40 and a beta of 1.31.

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

The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.40 annualized dividend and a yield of 0.58%. Independent Bank Group’s dividend payout ratio (DPR) is currently 12.90%.

In other Independent Bank Group news, Vice Chairman Brian E. Hobart sold 22,500 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $60.71, for a total value of $1,365,975.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Daniel W. Brooks sold 7,503 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $60.67, for a total transaction of $455,207.01. The disclosure for this sale can be found here. Insiders sold a total of 87,397 shares of company stock valued at $5,565,604 over the last quarter. 7.70% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in IBTX. BNP Paribas Arbitrage SA raised its holdings in Independent Bank Group by 2,892.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,885 shares of the bank’s stock valued at $112,000 after acquiring an additional 1,822 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Independent Bank Group by 16.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock valued at $179,000 after acquiring an additional 389 shares during the period. Virtu KCG Holdings LLC bought a new position in Independent Bank Group in the 2nd quarter valued at about $251,000. Airain ltd bought a new position in Independent Bank Group in the 2nd quarter valued at about $256,000. Finally, Legal & General Group Plc increased its holdings in shares of Independent Bank Group by 66.9% during the second quarter. Legal & General Group Plc now owns 4,472 shares of the bank’s stock worth $266,000 after purchasing an additional 1,792 shares during the period. 49.75% of the stock is currently owned by hedge funds and other institutional investors.

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Independent Bank Group Company Profile

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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