Independent Bank Group (NASDAQ:IBTX) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Independent Bank Group (NASDAQ:IBTX) from a hold rating to a sell rating in a report published 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 also recently weighed in on the stock. ValuEngine raised shares of Independent Bank Group from a strong sell rating to a sell rating in a research note on Friday, May 24th. Stephens reissued a buy rating and set a $67.00 price target on shares of Independent Bank Group in a research note on Monday, May 20th. Finally, BidaskClub downgraded shares of Independent Bank Group from a hold rating to a sell rating in a research note on Thursday, May 9th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. Independent Bank Group presently has an average rating of Hold and an average target price of $66.40.

IBTX opened at $53.35 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $2.32 billion, a P/E ratio of 11.51 and a beta of 1.49. The business’s 50 day simple moving average is $53.49. Independent Bank Group has a fifty-two week low of $44.14 and a fifty-two week high of $71.35.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, April 22nd. The bank reported $1.19 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.19. The business had revenue of $138.08 million during the quarter, compared to the consensus estimate of $137.40 million. Independent Bank Group had a net margin of 26.04% and a return on equity of 8.92%. As a group, equities analysts anticipate that Independent Bank Group will post 5.22 earnings per share for the current fiscal year.

In other news, Vice Chairman Brian E. Hobart bought 1,790 shares of the stock in a transaction on Thursday, April 25th. The stock was purchased at an average price of $55.90 per share, with a total value of $100,061.00. Following the completion of the purchase, the insider now owns 132,375 shares of the company’s stock, valued at $7,399,762.50. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith sold 135,000 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $52.90, for a total transaction of $7,141,500.00. Following the sale, the director now directly owns 91,022 shares of the company’s stock, valued at approximately $4,815,063.80. The disclosure for this sale can be found here. 10.90% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Toronto Dominion Bank bought a new stake in shares of Independent Bank Group during the first quarter worth $32,000. PNC Financial Services Group Inc. bought a new stake in shares of Independent Bank Group during the fourth quarter worth $32,000. Valeo Financial Advisors LLC bought a new stake in shares of Independent Bank Group during the first quarter worth $50,000. Bank of Montreal Can increased its position in shares of Independent Bank Group by 64.7% during the fourth quarter. Bank of Montreal Can now owns 1,130 shares of the bank’s stock worth $52,000 after acquiring an additional 444 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its position in shares of Independent Bank Group by 87.5% during the fourth quarter. Great West Life Assurance Co. Can now owns 2,402 shares of the bank’s stock worth $106,000 after acquiring an additional 1,121 shares in the last quarter. 61.14% of the stock is owned by institutional investors.

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.

Further Reading: Buy Rating

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