Independent Bank Group (IBTX) Cut to “Strong Sell” at BidaskClub

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BidaskClub downgraded shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a strong sell rating in a research report sent to investors on Thursday morning.

Several other equities analysts have also commented on the company. Zacks Investment Research lowered Independent Bank Group from a hold rating to a strong sell rating in a report on Tuesday, August 28th. Hovde Group set a $80.00 target price on Independent Bank Group and gave the company a buy rating in a report on Wednesday, July 25th. Stephens reaffirmed a buy rating and set a $86.00 target price on shares of Independent Bank Group in a report on Tuesday, July 24th. Finally, ValuEngine lowered Independent Bank Group from a buy rating to a hold rating in a report on Friday, June 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $78.00.

NASDAQ:IBTX opened at $66.35 on Thursday. The company has a market cap of $2.01 billion, a PE ratio of 19.23 and a beta of 1.24. Independent Bank Group has a 52 week low of $51.70 and a 52 week high of $79.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 1.07.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, July 23rd. The bank reported $1.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.03). The company had revenue of $89.04 million for the quarter, compared to the consensus estimate of $90.43 million. Independent Bank Group had a net margin of 25.16% and a return on equity of 8.10%. During the same period last year, the company posted $0.82 earnings per share. equities research analysts anticipate that Independent Bank Group will post 4.57 EPS for the current year.

In other Independent Bank Group news, Director G Stacy Smith acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The stock was acquired at an average cost of $68.56 per share, with a total value of $685,600.00. Following the acquisition, the director now directly owns 89,974 shares of the company’s stock, valued at approximately $6,168,617.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 10.90% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. UBS Group AG grew its holdings in Independent Bank Group by 1,441.6% in the 1st quarter. UBS Group AG now owns 2,559 shares of the bank’s stock worth $181,000 after buying an additional 2,393 shares in the last quarter. Trexquant Investment LP bought a new position in Independent Bank Group in the 2nd quarter worth approximately $300,000. Segment Wealth Management LLC bought a new position in Independent Bank Group in the 2nd quarter worth approximately $302,000. Financial Advisory Group bought a new position in Independent Bank Group in the 2nd quarter worth approximately $329,000. Finally, Stevens Capital Management LP bought a new position in Independent Bank Group in the 2nd quarter worth approximately $343,000. 57.20% of the stock is owned by institutional investors and hedge funds.

About Independent Bank Group

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 Group (NASDAQ:IBTX)

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