Independent Bank Group (NASDAQ:IBTX) Downgraded by ValuEngine

ValuEngine cut shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a strong sell rating in a report issued on Thursday morning, ValuEngine reports.

A number of other equities analysts also recently commented on IBTX. BidaskClub downgraded shares of Independent Bank Group from a sell rating to a strong sell rating in a report on Friday, January 17th. Stephens raised shares of Independent Bank Group from an equal weight rating to an overweight rating and decreased their price objective for the stock from $67.00 to $61.00 in a report on Wednesday, January 29th. TheStreet downgraded shares of Independent Bank Group from a b- rating to a c+ rating in a report on Thursday, March 5th. Zacks Investment Research downgraded shares of Independent Bank Group from a strong-buy rating to a hold rating in a report on Tuesday, March 17th. Finally, Raymond James downgraded shares of Independent Bank Group from an outperform rating to a market perform rating in a report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $61.33.

Independent Bank Group stock traded up $1.06 during mid-day trading on Thursday, reaching $23.87. The company’s stock had a trading volume of 939,769 shares, compared to its average volume of 574,634. The firm has a market cap of $981.76 million, a price-to-earnings ratio of 5.34 and a beta of 1.81. The business has a 50 day moving average price of $38.66 and a 200-day moving average price of $50.87. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.25. Independent Bank Group has a twelve month low of $20.35 and a twelve month high of $63.16.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, January 27th. The bank reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.03. The firm had revenue of $146.30 million during the quarter, compared to the consensus estimate of $141.55 million. Independent Bank Group had a net margin of 26.36% and a return on equity of 9.63%. On average, equities analysts expect that Independent Bank Group will post 4.7 EPS for the current fiscal year.

In related news, Director William E. Fair acquired 5,700 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were acquired at an average cost of $35.07 per share, for a total transaction of $199,899.00. Following the completion of the purchase, the director now directly owns 215,810 shares in the company, valued at $7,568,456.70. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Webb Jennings III acquired 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were bought at an average price of $54.93 per share, for a total transaction of $120,846.00. Following the completion of the purchase, the director now owns 44,990 shares of the company’s stock, valued at $2,471,300.70. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 15,900 shares of company stock worth $732,925. Company insiders own 7.50% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Aigen Investment Management LP bought a new stake in shares of Independent Bank Group during the fourth quarter valued at about $44,000. NumerixS Investment Technologies Inc bought a new stake in Independent Bank Group in the fourth quarter worth about $50,000. CFM Wealth Partners LLC bought a new stake in Independent Bank Group in the fourth quarter worth about $54,000. Quantbot Technologies LP bought a new stake in Independent Bank Group in the fourth quarter worth about $87,000. Finally, Islay Capital Management LLC bought a new stake in Independent Bank Group in the fourth quarter worth about $90,000. Institutional investors and hedge funds own 63.92% of the company’s stock.

Independent Bank Group Company Profile

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

See Also: Why is the price target of stocks important?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Independent Bank Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Group and related companies with MarketBeat.com's FREE daily email newsletter.