Independent Bank Group Inc Forecasted to Post Q1 2018 Earnings of $1.11 Per Share (IBTX)

Independent Bank Group Inc (NASDAQ:IBTX) – Analysts at SunTrust Banks upped their Q1 2018 earnings estimates for Independent Bank Group in a report released on Monday. SunTrust Banks analyst M. Young now anticipates that the bank will post earnings of $1.11 per share for the quarter, up from their previous forecast of $0.96. SunTrust Banks currently has a “Hold” rating and a $75.00 price target on the stock. SunTrust Banks also issued estimates for Independent Bank Group’s Q2 2018 earnings at $1.22 EPS, Q3 2018 earnings at $1.26 EPS, Q4 2018 earnings at $1.30 EPS, FY2018 earnings at $4.90 EPS and FY2019 earnings at $5.56 EPS.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 23rd. The bank reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.01. Independent Bank Group had a net margin of 23.46% and a return on equity of 8.11%. The firm had revenue of $84.99 million for the quarter, compared to analysts’ expectations of $83.00 million. During the same quarter last year, the firm earned $0.78 EPS.

A number of other research firms have also recently commented on IBTX. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $71.00 price target on shares of Independent Bank Group in a report on Wednesday, October 4th. Zacks Investment Research raised shares of Independent Bank Group from a “sell” rating to a “hold” rating in a report on Friday, October 6th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $76.00 price target on shares of Independent Bank Group in a report on Thursday, October 19th. Finally, BidaskClub raised shares of Independent Bank Group from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $72.86.

Independent Bank Group (NASDAQ IBTX) traded up $0.85 during trading on Wednesday, hitting $70.75. 64,700 shares of the company’s stock traded hands, compared to its average volume of 83,029. Independent Bank Group has a 1 year low of $51.70 and a 1 year high of $72.28. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market cap of $1,980.00, a PE ratio of 24.31 and a beta of 1.31.

In related news, Vice Chairman Daniel W. Brooks sold 25,000 shares of Independent Bank Group stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $68.30, for a total value of $1,707,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Daniel W. Brooks sold 7,503 shares of Independent Bank Group stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $60.67, for a total transaction of $455,207.01. The disclosure for this sale can be found here. Insiders sold a total of 87,397 shares of company stock worth $5,565,604 in the last ninety days. 7.70% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Atlantic Trust Group LLC purchased a new position in Independent Bank Group in the 3rd quarter valued at approximately $20,385,000. California Public Employees Retirement System grew its stake in Independent Bank Group by 72.6% in the 3rd quarter. California Public Employees Retirement System now owns 10,531 shares of the bank’s stock valued at $635,000 after buying an additional 4,431 shares in the last quarter. Jane Street Group LLC purchased a new position in Independent Bank Group in the 3rd quarter valued at approximately $324,000. Castine Capital Management LLC grew its stake in Independent Bank Group by 36.0% in the 3rd quarter. Castine Capital Management LLC now owns 121,538 shares of the bank’s stock valued at $7,328,000 after buying an additional 32,185 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Independent Bank Group by 23.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 644,395 shares of the bank’s stock valued at $38,857,000 after purchasing an additional 120,480 shares in the last quarter. Institutional investors and hedge funds own 47.72% of the company’s stock.

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About Independent Bank Group

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.

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