Zacks Investment Research Downgrades Independent Bank Group (IBTX) to Sell

Independent Bank Group (NASDAQ:IBTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

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. “

Several other equities analysts also recently issued reports on IBTX. Stephens reaffirmed a “buy” rating and set a $86.00 price objective on shares of Independent Bank Group in a report on Tuesday, July 24th. Hovde Group set a $80.00 price objective on shares of Independent Bank Group and gave the company a “buy” rating in a report on Wednesday, July 25th. BidaskClub downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Raymond James raised shares of Independent Bank Group from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 4th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Monday, October 22nd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $75.00.



NASDAQ IBTX traded up $0.14 during mid-day trading on Friday, reaching $55.53. 269,464 shares of the stock were exchanged, compared to its average volume of 257,371. Independent Bank Group has a 1 year low of $52.71 and a 1 year high of $79.00. The company has a market capitalization of $1.69 billion, a PE ratio of 16.10 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.07 and a current ratio of 1.07.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 22nd. The bank reported $1.20 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.20. Independent Bank Group had a net margin of 26.53% and a return on equity of 8.75%. The firm had revenue of $99.02 million for the quarter, compared to the consensus estimate of $96.47 million. During the same period in the prior year, the firm posted $0.89 earnings per share. On average, equities analysts expect that Independent Bank Group will post 4.57 EPS for the current year.

In related news, Vice Chairman Brian E. Hobart acquired 3,700 shares of the firm’s stock in a transaction on Thursday, October 25th. The shares were acquired at an average cost of $54.19 per share, with a total value of $200,503.00. Following the completion of the acquisition, the insider now directly owns 120,624 shares in the company, valued at approximately $6,536,614.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director G Stacy Smith acquired 25,000 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were bought at an average cost of $65.90 per share, for a total transaction of $1,647,500.00. Following the completion of the acquisition, the director now owns 89,974 shares of the company’s stock, valued at $5,929,286.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 33,200 shares of company stock worth $2,090,508. Insiders own 10.90% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. acquired a new stake in shares of Independent Bank Group in the third quarter valued at about $218,000. Russell Investments Group Ltd. raised its position in shares of Independent Bank Group by 18.5% in the third quarter. Russell Investments Group Ltd. now owns 144,022 shares of the bank’s stock valued at $9,549,000 after buying an additional 22,535 shares during the last quarter. Polaris Greystone Financial Group LLC acquired a new stake in shares of Independent Bank Group in the third quarter valued at about $482,000. Legacy Advisors LLC acquired a new stake in shares of Independent Bank Group in the third quarter valued at about $482,000. Finally, Summit Creek Advisors LLC raised its position in shares of Independent Bank Group by 32.5% in the third quarter. Summit Creek Advisors LLC now owns 220,791 shares of the bank’s stock valued at $14,638,000 after buying an additional 54,160 shares during the last quarter. 57.34% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank Group

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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