Raymond James Upgrades Independent Bank Group (IBTX) to Strong-Buy

Raymond James upgraded shares of Independent Bank Group (NASDAQ:IBTX) from an outperform rating to a strong-buy rating in a report issued on Thursday, Marketbeat Ratings reports. The analysts noted that the move was a valuation call.

A number of other equities analysts have also commented on IBTX. BidaskClub raised shares of Independent Bank Group from a strong sell rating to a sell rating in a research report on Friday, September 21st. Hovde Group set a $80.00 target price on shares of Independent Bank Group and gave the company a buy rating in a report on Wednesday, July 25th. ValuEngine lowered shares of Independent Bank Group from a buy rating to a hold rating in a report on Friday, June 8th. Stephens reissued a buy rating and issued a $86.00 target price on shares of Independent Bank Group in a report on Tuesday, July 24th. Finally, Zacks Investment Research raised shares of Independent Bank Group from a hold rating to a buy rating and set a $75.00 target price on the stock in a report on Monday, July 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $79.40.

NASDAQ:IBTX opened at $67.27 on Thursday. Independent Bank Group has a 52 week low of $59.75 and a 52 week high of $79.00. The stock has a market cap of $2.02 billion, a P/E ratio of 19.50 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.07 and a current ratio of 1.07.

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

In other Independent Bank Group news, CFO Michelle S. Hickox sold 500 shares of the firm’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $65.72, for a total value of $32,860.00. Following the transaction, the chief financial officer now directly owns 24,036 shares of the company’s stock, valued at approximately $1,579,645.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Stacy Smith bought 10,000 shares of the firm’s stock in a transaction on Friday, July 27th. The stock was purchased at an average cost of $68.56 per share, for a total transaction of $685,600.00. Following the completion of the acquisition, the director now owns 89,974 shares in the company, valued at $6,168,617.44. The disclosure for this purchase can be found here. 10.90% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in shares of Independent Bank Group by 15.6% during the 2nd quarter. BlackRock Inc. now owns 1,447,881 shares of the bank’s stock valued at $96,719,000 after purchasing an additional 194,995 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Independent Bank Group by 25.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,232,159 shares of the bank’s stock valued at $82,309,000 after purchasing an additional 246,205 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Independent Bank Group by 15.1% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 585,726 shares of the bank’s stock valued at $39,127,000 after purchasing an additional 76,787 shares during the last quarter. Fred Alger Management Inc. grew its holdings in shares of Independent Bank Group by 2.5% during the 2nd quarter. Fred Alger Management Inc. now owns 567,835 shares of the bank’s stock valued at $37,931,000 after purchasing an additional 14,025 shares during the last quarter. Finally, Macquarie Group Ltd. grew its holdings in shares of Independent Bank Group by 8.9% during the 2nd quarter. Macquarie Group Ltd. now owns 552,382 shares of the bank’s stock valued at $36,899,000 after purchasing an additional 45,278 shares during the last quarter. 57.18% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Group 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 Group (NASDAQ:IBTX)

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