Independent Bank Gr (IBTX) Stock Rating Upgraded by Zacks Investment Research

Independent Bank Gr (NASDAQ:IBTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Independent Bank Group, Inc. is a bank holding company that conducts its business activities through its subsidiary, Independent Bank. The company offers personal and commercial banking services to businesses, professionals and individuals. Its services includes checking accounts, savings accounts, commercial real estate loans, interim construction loans, loans to professionals, residential first and second mortgage loans , loans to purchase cars, boats and other recreational vehicles. Independent Bank Group, Inc. is headquartered in McKinney, Texas. “

A number of other equities analysts also recently issued reports on the stock. SunTrust Banks increased their price target on shares of Independent Bank Gr to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, May 15th. ValuEngine upgraded shares of Independent Bank Gr from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. BidaskClub upgraded shares of Independent Bank Gr from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 28th. Stephens restated a “buy” rating on shares of Independent Bank Gr in a report on Wednesday, January 31st. Finally, Sandler O’Neill restated a “buy” rating on shares of Independent Bank Gr in a report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $74.29.

Independent Bank Gr opened at $77.55 on Friday, Marketbeat Ratings reports. Independent Bank Gr has a 1 year low of $51.70 and a 1 year high of $77.95. The stock has a market capitalization of $2.20 billion, a P/E ratio of 22.48 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.48.

Independent Bank Gr (NASDAQ:IBTX) last released its quarterly earnings results on Monday, April 23rd. The bank reported $1.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.04). Independent Bank Gr had a return on equity of 7.81% and a net margin of 23.25%. The company had revenue of $83.42 million during the quarter, compared to the consensus estimate of $83.80 million. During the same period in the previous year, the company earned $0.84 earnings per share. equities analysts anticipate that Independent Bank Gr will post 4.68 earnings per share for the current fiscal year.

In other Independent Bank Gr news, Director Douglas A. Cifu sold 17,425 shares of the company’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $72.51, for a total value of $1,263,486.75. Following the sale, the director now owns 90,205 shares in the company, valued at $6,540,764.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James C. White sold 700 shares of the stock in a transaction that occurred on Wednesday, May 9th. The shares were sold at an average price of $75.50, for a total transaction of $52,850.00. Following the sale, the chief operating officer now owns 12,898 shares in the company, valued at approximately $973,799. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,999 shares of company stock worth $4,604,499. Corporate insiders own 10.90% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Atlantic Trust Group LLC grew its holdings in shares of Independent Bank Gr by 49.4% during the first quarter. Atlantic Trust Group LLC now owns 508,939 shares of the bank’s stock valued at $35,982,000 after buying an additional 168,312 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Independent Bank Gr by 9.0% during the first quarter. California State Teachers Retirement System now owns 30,328 shares of the bank’s stock valued at $2,144,000 after buying an additional 2,492 shares during the last quarter. Millrace Asset Group Inc. purchased a new stake in shares of Independent Bank Gr during the first quarter valued at approximately $1,679,000. Barclays PLC grew its holdings in shares of Independent Bank Gr by 31.9% during the first quarter. Barclays PLC now owns 5,272 shares of the bank’s stock valued at $373,000 after buying an additional 1,276 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Independent Bank Gr by 9.1% during the first quarter. The Manufacturers Life Insurance Company now owns 15,103 shares of the bank’s stock valued at $1,068,000 after buying an additional 1,262 shares during the last quarter. Hedge funds and other institutional investors own 57.63% of the company’s stock.

Independent Bank Gr Company Profile

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including checking and savings accounts, demand accounts, money market accounts, and certificates of deposit, as well as individual retirement accounts.

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Analyst Recommendations for Independent Bank Gr (NASDAQ:IBTX)

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