Independent Bank Group (NASDAQ:IBTX) Downgraded by BidaskClub to “Strong Sell”

BidaskClub cut shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a strong sell rating in a report published on Friday, BidAskClub reports.

IBTX has been the subject of several other reports. Raymond James cut Independent Bank Group from an outperform rating to a market perform rating in a research report on Tuesday, December 10th. Zacks Investment Research upgraded Independent Bank Group from a hold rating to a strong-buy rating and set a $65.00 price target for the company in a research report on Wednesday, December 25th. Hovde Group cut Independent Bank Group from an outperform rating to a hold rating in a research report on Wednesday, December 11th. ValuEngine cut Independent Bank Group from a hold rating to a sell rating in a research report on Wednesday, December 11th. Finally, SunTrust Banks reduced their price target on Independent Bank Group from $61.00 to $60.00 and set a hold rating for the company in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $64.00.

Shares of IBTX stock opened at $53.75 on Friday. The stock has a 50 day moving average of $56.60 and a 200 day moving average of $54.24. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.31 billion, a P/E ratio of 12.19 and a beta of 1.44. Independent Bank Group has a twelve month low of $47.58 and a twelve month high of $63.16.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 21st. The bank reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.01. The company had revenue of $152.72 million during the quarter, compared to analysts’ expectations of $141.57 million. Independent Bank Group had a return on equity of 9.39% and a net margin of 26.29%. During the same period last year, the business earned $1.20 earnings per share. On average, research analysts predict that Independent Bank Group will post 5.05 earnings per share for the current fiscal year.

In other Independent Bank Group news, Director Mark K. Gormley sold 366,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $59.08, for a total value of $21,623,280.00. Following the sale, the director now directly owns 2,690 shares of the company’s stock, valued at $158,925.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michelle S. Hickox sold 1,900 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $60.00, for a total value of $114,000.00. Following the completion of the sale, the chief financial officer now directly owns 24,517 shares in the company, valued at $1,471,020. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BB&T Securities LLC grew its holdings in Independent Bank Group by 6.6% in the third quarter. BB&T Securities LLC now owns 6,025 shares of the bank’s stock valued at $322,000 after purchasing an additional 373 shares during the period. Metropolitan Life Insurance Co NY grew its holdings in Independent Bank Group by 11.1% in the third quarter. Metropolitan Life Insurance Co NY now owns 11,778 shares of the bank’s stock valued at $620,000 after purchasing an additional 1,176 shares during the period. JPMorgan Chase & Co. grew its holdings in Independent Bank Group by 15.6% in the second quarter. JPMorgan Chase & Co. now owns 9,958 shares of the bank’s stock valued at $542,000 after purchasing an additional 1,347 shares during the period. Stonebridge Capital Advisors LLC acquired a new stake in Independent Bank Group in the second quarter valued at approximately $79,000. Finally, Hodges Capital Management Inc. grew its holdings in Independent Bank Group by 1.3% in the second quarter. Hodges Capital Management Inc. now owns 173,736 shares of the bank’s stock valued at $9,549,000 after purchasing an additional 2,165 shares during the period. 64.72% of the stock is currently owned by institutional investors.

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.

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