Independent Bank Group (NASDAQ:IBTX) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

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. “

A number of other equities research analysts have also weighed in on IBTX. BidaskClub raised Independent Bank Group from a strong sell rating to a sell rating in a research note on Thursday, September 12th. ValuEngine raised Independent Bank Group from a strong sell rating to a sell rating in a research note on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $63.00.

NASDAQ IBTX opened at $53.17 on Wednesday. Independent Bank Group has a 1-year low of $44.14 and a 1-year high of $69.18. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average of $50.87 and a 200-day moving average of $53.74. The firm has a market cap of $2.35 billion, a PE ratio of 11.92 and a beta of 1.43.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, July 22nd. The bank reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.05). Independent Bank Group had a net margin of 26.06% and a return on equity of 9.18%. The company had revenue of $145.84 million during the quarter, compared to the consensus estimate of $138.67 million. As a group, equities research analysts forecast that Independent Bank Group will post 5.15 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank bought a new position in Independent Bank Group during the 1st quarter valued at approximately $32,000. Stonebridge Capital Advisors LLC bought a new position in Independent Bank Group during the 2nd quarter valued at approximately $79,000. Quantamental Technologies LLC bought a new position in Independent Bank Group during the 2nd quarter valued at approximately $88,000. Janus Henderson Group PLC bought a new position in Independent Bank Group during the 2nd quarter valued at approximately $211,000. Finally, Bank of Montreal Can raised its position in Independent Bank Group by 358.0% during the 2nd quarter. Bank of Montreal Can now owns 4,003 shares of the bank’s stock valued at $220,000 after purchasing an additional 3,129 shares during the last quarter. 62.48% of the stock is 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 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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