Independent Bank Group (NASDAQ:IBTX) Trading 3.2% Higher

Independent Bank Group Inc (NASDAQ:IBTX)’s stock price traded up 3.2% on Wednesday . The company traded as high as $23.97 and last traded at $24.64, 65,080 shares traded hands during mid-day trading. A decline of 91% from the average session volume of 689,204 shares. The stock had previously closed at $23.88.

A number of analysts recently weighed in on the company. ValuEngine downgraded Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Tuesday, March 3rd. BidaskClub downgraded Independent Bank Group from a “sell” rating to a “strong sell” rating in a research report on Friday, January 17th. Raymond James downgraded Independent Bank Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 10th. Hovde Group downgraded Independent Bank Group from an “outperform” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Zacks Investment Research downgraded Independent Bank Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $61.33.

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $43.75 and a 200 day simple moving average of $51.98. The firm has a market capitalization of $1.03 billion, a PE ratio of 5.61 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, January 27th. The bank reported $1.32 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.03. The business had revenue of $146.30 million for the quarter, compared to analysts’ expectations of $141.55 million. Independent Bank Group had a return on equity of 9.63% and a net margin of 26.36%. As a group, equities analysts anticipate that Independent Bank Group Inc will post 4.94 earnings per share for the current year.

In related news, Director G Stacy Smith purchased 5,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were acquired at an average cost of $53.72 per share, with a total value of $268,600.00. Following the purchase, the director now directly owns 97,058 shares of the company’s stock, valued at $5,213,955.76. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Webb Jennings III bought 2,200 shares of Independent Bank Group stock in a transaction dated Tuesday, February 11th. The shares were acquired at an average cost of $54.93 per share, for a total transaction of $120,846.00. Following the completion of the purchase, the director now directly owns 44,990 shares of the company’s stock, valued at approximately $2,471,300.70. The disclosure for this purchase can be found here. Insiders acquired a total of 15,900 shares of company stock worth $732,925 over the last ninety days. Insiders own 10.90% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Macquarie Group Ltd. increased its stake in shares of Independent Bank Group by 14.4% during the fourth quarter. Macquarie Group Ltd. now owns 1,292,300 shares of the bank’s stock valued at $71,645,000 after buying an additional 162,916 shares during the period. State Street Corp increased its stake in shares of Independent Bank Group by 7.9% during the fourth quarter. State Street Corp now owns 1,099,832 shares of the bank’s stock valued at $60,975,000 after buying an additional 80,207 shares during the period. Voya Investment Management LLC increased its stake in shares of Independent Bank Group by 2.1% during the third quarter. Voya Investment Management LLC now owns 691,520 shares of the bank’s stock valued at $36,381,000 after buying an additional 14,352 shares during the period. Geode Capital Management LLC increased its stake in shares of Independent Bank Group by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 524,546 shares of the bank’s stock valued at $29,080,000 after buying an additional 30,876 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Independent Bank Group by 45.6% during the fourth quarter. Renaissance Technologies LLC now owns 462,709 shares of the bank’s stock valued at $25,653,000 after buying an additional 144,900 shares during the period. 63.92% of the stock is currently owned by hedge funds and other institutional investors.

About Independent Bank Group (NASDAQ:IBTX)

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: Fundamental Analysis

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