Raymond James Lowers Independent Bank Group (IBTX) Price Target to $74.00

Independent Bank Group (NASDAQ:IBTX) had its target price decreased by Raymond James from $83.00 to $74.00 in a research note published on Tuesday morning, The Fly reports. Raymond James currently has a positive rating on the bank’s stock. The analysts noted that the move was a valuation call.

Other analysts also recently issued reports about the company. BidaskClub raised Independent Bank Group from a sell rating to a hold rating in a research report on Friday, August 17th. Zacks Investment Research raised Independent Bank Group from a hold rating to a buy rating and set a $75.00 price objective for the company in a research report on Monday, July 16th. Stephens set a $82.00 price objective on Independent Bank Group and gave the stock a buy rating in a research report on Tuesday. Hovde Group set a $80.00 price objective on Independent Bank Group and gave the stock a buy rating in a research report on Wednesday, July 25th. Finally, ValuEngine downgraded Independent Bank Group from a hold rating to a sell rating in a research report on Monday, October 22nd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $75.00.

Shares of NASDAQ:IBTX opened at $55.53 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $1.69 billion, a P/E ratio of 16.10 and a beta of 1.24. Independent Bank Group has a 12-month low of $52.71 and a 12-month high of $79.00.



Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, October 22nd. The bank reported $1.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.20. The firm had revenue of $99.02 million during the quarter, compared to the consensus estimate of $96.47 million. Independent Bank Group had a return on equity of 8.75% and a net margin of 26.53%. During the same period last year, the company earned $0.89 EPS. On average, sell-side analysts forecast that Independent Bank Group will post 4.57 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Friday, November 2nd. Independent Bank Group’s dividend payout ratio is currently 16.23%.

In other Independent Bank Group news, CFO Michelle S. Hickox sold 500 shares of Independent Bank Group stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $65.72, for a total value of $32,860.00. Following the completion of 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 filing with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith bought 25,000 shares of the company’s stock in a transaction on Friday, September 14th. The stock was purchased at an average cost of $65.90 per share, with a total value of $1,647,500.00. Following the completion of the transaction, the director now owns 89,974 shares in the company, valued at $5,929,286.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 33,200 shares of company stock valued at $2,090,508. 10.90% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. Dimensional Fund Advisors LP grew its position in Independent Bank Group by 25.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,232,159 shares of the bank’s stock valued at $82,309,000 after acquiring an additional 246,205 shares in the last quarter. BlackRock Inc. grew its position in Independent Bank Group by 15.6% in the 2nd quarter. BlackRock Inc. now owns 1,447,881 shares of the bank’s stock valued at $96,719,000 after acquiring an additional 194,995 shares in the last quarter. Royce & Associates LP grew its position in Independent Bank Group by 269.5% in the 2nd quarter. Royce & Associates LP now owns 106,649 shares of the bank’s stock valued at $7,124,000 after acquiring an additional 77,784 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in Independent Bank Group by 15.1% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 585,726 shares of the bank’s stock valued at $39,127,000 after acquiring an additional 76,787 shares in the last quarter. Finally, Summit Creek Advisors LLC grew its position in Independent Bank Group by 32.5% in the 3rd quarter. Summit Creek Advisors LLC now owns 220,791 shares of the bank’s stock valued at $14,638,000 after acquiring an additional 54,160 shares in the last quarter. 57.34% of the stock is owned by 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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