Independent Bank Group (NASDAQ:IBTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $49.00 price objective on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.62% from the stock’s previous close.
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. “
Other research analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Tuesday, September 1st. Raymond James restated a “buy” rating on shares of Independent Bank Group in a research report on Tuesday, September 8th. Finally, BidaskClub downgraded shares of Independent Bank Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. Independent Bank Group currently has an average rating of “Buy” and a consensus target price of $44.67.
NASDAQ:IBTX opened at $43.51 on Wednesday. The firm’s 50 day simple moving average is $46.23 and its 200 day simple moving average is $37.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.07 and a quick ratio of 1.06. Independent Bank Group has a one year low of $20.35 and a one year high of $63.16. The company has a market cap of $1.88 billion, a PE ratio of 9.89 and a beta of 1.98.
Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.25. The firm had revenue of $153.75 million for the quarter, compared to the consensus estimate of $141.77 million. Independent Bank Group had a net margin of 26.11% and a return on equity of 8.76%. During the same quarter in the previous year, the company earned $1.22 EPS. Equities research analysts expect that Independent Bank Group will post 4.25 EPS for the current year.
Large investors have recently added to or reduced their stakes in the company. American International Group Inc. increased its stake in shares of Independent Bank Group by 23.9% in the 2nd quarter. American International Group Inc. now owns 26,150 shares of the bank’s stock valued at $1,060,000 after acquiring an additional 5,041 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Independent Bank Group by 1.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 430,139 shares of the bank’s stock valued at $17,429,000 after acquiring an additional 6,730 shares in the last quarter. Citigroup Inc. increased its stake in shares of Independent Bank Group by 204.6% in the 1st quarter. Citigroup Inc. now owns 82,914 shares of the bank’s stock valued at $1,963,000 after acquiring an additional 55,691 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Independent Bank Group by 4.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 163,907 shares of the bank’s stock valued at $6,642,000 after acquiring an additional 6,892 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Independent Bank Group by 24.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 184,867 shares of the bank’s stock valued at $4,377,000 after acquiring an additional 35,845 shares in the last quarter. Institutional investors own 73.11% 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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