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 research note released on Friday, BidAskClub reports.

IBTX has been the topic of several other research reports. SunTrust Banks decreased their price target on Independent Bank Group from $61.00 to $60.00 and set a hold rating on the stock in a report on Thursday, October 3rd. Hovde Group lowered Independent Bank Group from an outperform rating to a hold rating in a report on Wednesday, December 11th. ValuEngine lowered Independent Bank Group from a hold rating to a sell rating in a report on Wednesday, December 11th. Stephens lowered Independent Bank Group from an overweight rating to an equal rating and set a $67.00 price target on the stock. in a report on Wednesday, December 18th. Finally, Zacks Investment Research upgraded Independent Bank Group from a hold rating to a strong-buy rating and set a $65.00 price target on the stock in a report on Wednesday, December 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $64.00.

NASDAQ:IBTX opened at $53.75 on Friday. The stock’s fifty day moving average is $56.60 and its 200 day moving average is $54.24. Independent Bank Group has a fifty-two week low of $47.58 and a fifty-two week high of $63.16. The firm has a market capitalization of $2.31 billion, a PE ratio of 12.19 and a beta of 1.44. 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 released its quarterly earnings results on Monday, October 21st. The bank reported $1.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.01. Independent Bank Group had a return on equity of 9.39% and a net margin of 26.29%. The company had revenue of $152.72 million for the quarter, compared to analyst estimates of $141.57 million. During the same quarter in the prior year, the firm posted $1.20 EPS. Equities analysts forecast that Independent Bank Group will post 5.05 EPS for the current year.

In other Independent Bank Group news, Director Mark K. Gormley sold 366,000 shares of the stock in a transaction 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 owns 2,690 shares in the company, valued at $158,925.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michelle S. Hickox sold 1,900 shares of the stock in a transaction on Thursday, December 12th. The stock was 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 owns 24,517 shares in the company, valued at approximately $1,471,020. The disclosure for this sale can be found here. Company insiders own 7.50% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in IBTX. Stonebridge Capital Advisors LLC bought a new position in shares of Independent Bank Group during the 2nd quarter worth $79,000. Bank of Montreal Can grew its position in shares of Independent Bank Group by 358.0% during the 2nd quarter. Bank of Montreal Can now owns 4,003 shares of the bank’s stock worth $220,000 after buying an additional 3,129 shares in the last quarter. First Dallas Securities Inc. bought a new position in shares of Independent Bank Group during the 2nd quarter worth $284,000. WBI Investments Inc. bought a new position in shares of Independent Bank Group during the 3rd quarter worth $312,000. Finally, BB&T Securities LLC grew its position in shares of Independent Bank Group by 6.6% during the 3rd quarter. BB&T Securities LLC now owns 6,025 shares of the bank’s stock worth $322,000 after buying an additional 373 shares in the last quarter. Institutional investors and hedge funds own 64.72% 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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