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 report issued on Wednesday, 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 issued reports on the company. SunTrust Banks cut their target price on Independent Bank Group from $61.00 to $60.00 and set a hold rating on the stock in a research report on Thursday, October 3rd. ValuEngine raised Independent Bank Group from a sell rating to a hold rating in a report on Wednesday, October 2nd. BidaskClub upgraded Independent Bank Group from a sell rating to a hold rating in a research report on Monday, October 28th. Finally, Stephens reissued a buy rating on shares of Independent Bank Group in a research note on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Independent Bank Group currently has a consensus rating of Buy and an average price target of $62.00.

NASDAQ IBTX opened at $59.26 on Wednesday. The stock has a market capitalization of $2.55 billion, a P/E ratio of 13.29 and a beta of 1.48. Independent Bank Group has a 1 year low of $44.14 and a 1 year high of $59.72. The business’s fifty day moving average is $55.75 and its two-hundred day moving average is $53.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 1.04.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, October 21st. The bank reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.01. The company had revenue of $152.72 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $1.20 EPS. On average, research analysts forecast that Independent Bank Group will post 5.02 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.69%. Independent Bank Group’s dividend payout ratio is currently 22.42%.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in shares of Independent Bank Group by 16.3% during the 2nd quarter. BlackRock Inc. now owns 2,790,943 shares of the bank’s stock valued at $153,390,000 after buying an additional 391,494 shares during the last quarter. Millennium Management LLC raised its position in Independent Bank Group by 272.4% during the third quarter. Millennium Management LLC now owns 426,773 shares of the bank’s stock valued at $22,452,000 after acquiring an additional 312,164 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Independent Bank Group in the second quarter valued at approximately $10,450,000. Price T Rowe Associates Inc. MD lifted its stake in Independent Bank Group by 2.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,607,532 shares of the bank’s stock valued at $143,310,000 after acquiring an additional 72,475 shares during the last quarter. Finally, Keeley Teton Advisors LLC grew its position in Independent Bank Group by 286.2% in the second quarter. Keeley Teton Advisors LLC now owns 94,134 shares of the bank’s stock worth $5,174,000 after acquiring an additional 69,757 shares in the last quarter. Institutional investors and hedge funds own 64.70% of the company’s stock.

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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