Independent Bank Gr (IBTX) Reaches New 12-Month High and Low Following Analyst Upgrade

Independent Bank Gr (NASDAQ:IBTX)’s share price reached a new 52-week high and low during trading on Wednesday after Zacks Investment Research upgraded the stock from a sell rating to a hold rating. The stock traded as low as $77.80 and last traded at $77.55, with a volume of 1332 shares. The stock had previously closed at $77.15.

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. “

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IBTX has been the subject of several other research reports. Stephens restated a “buy” rating on shares of Independent Bank Gr in a research report on Wednesday, January 31st. Sandler O’Neill restated a “buy” rating on shares of Independent Bank Gr in a research report on Wednesday, January 31st. SunTrust Banks upped their price target on shares of Independent Bank Gr to $80.00 and gave the stock a “hold” rating in a research report on Tuesday. BidaskClub lowered shares of Independent Bank Gr from a “buy” rating to a “hold” rating in a research report on Tuesday, January 30th. Finally, ValuEngine upgraded shares of Independent Bank Gr from a “hold” rating to a “buy” rating in a research report on Wednesday, May 9th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Independent Bank Gr presently has a consensus rating of “Buy” and a consensus price target of $74.29.

In related news, COO James C. White sold 700 shares of the stock in a transaction dated Wednesday, May 9th. The shares were sold at an average price of $75.50, for a total value of $52,850.00. Following the completion of the transaction, the chief operating officer now owns 12,898 shares in the company, valued at approximately $973,799. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO James C. White sold 1,250 shares of the stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $69.76, for a total transaction of $87,200.00. The disclosure for this sale can be found here. Insiders sold a total of 62,999 shares of company stock valued at $4,604,499 in the last quarter. 10.90% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in IBTX. Mendon Capital Advisors Corp grew its position in Independent Bank Gr by 255.3% in the 1st quarter. Mendon Capital Advisors Corp now owns 538,083 shares of the bank’s stock valued at $38,042,000 after buying an additional 386,657 shares in the last quarter. Macquarie Group Ltd. bought a new position in Independent Bank Gr in the 4th quarter valued at about $25,720,000. Fred Alger Management Inc. grew its position in Independent Bank Gr by 130.2% in the 4th quarter. Fred Alger Management Inc. now owns 527,898 shares of the bank’s stock valued at $35,686,000 after buying an additional 298,612 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Independent Bank Gr by 37.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 971,668 shares of the bank’s stock valued at $65,685,000 after buying an additional 265,444 shares in the last quarter. Finally, RMB Capital Management LLC grew its position in Independent Bank Gr by 109.8% in the 1st quarter. RMB Capital Management LLC now owns 438,589 shares of the bank’s stock valued at $31,008,000 after buying an additional 229,584 shares in the last quarter. Hedge funds and other institutional investors own 57.63% of the company’s stock.

The stock has a market cap of $2.17 billion, a PE ratio of 22.52 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.04.

Independent Bank Gr (NASDAQ:IBTX) last announced its 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 net margin of 23.25% and a return on equity of 7.81%. The company had revenue of $83.42 million during the quarter, compared to the consensus estimate of $83.80 million. During the same quarter in the prior year, the company earned $0.84 EPS. sell-side analysts expect that Independent Bank Gr will post 4.68 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 17th. Shareholders of record on Monday, May 7th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.72%. This is an increase from Independent Bank Gr’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, May 4th. Independent Bank Gr’s dividend payout ratio is presently 16.23%.

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.