Independent Bank Group (NASDAQ:IBTX) Shares Up 3.2%

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

Several brokerages have weighed in on IBTX. Zacks Investment Research cut Independent Bank Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 17th. Raymond James cut Independent Bank Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 10th. Hovde Group cut Independent Bank Group from an “outperform” rating to a “hold” rating in a research note on Wednesday, December 11th. ValuEngine cut Independent Bank Group from a “hold” rating to a “sell” rating in a research note on Tuesday, March 3rd. Finally, Stephens raised Independent Bank Group from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $67.00 to $61.00 in a research report on Wednesday, January 29th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $61.33.

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

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, January 27th. The bank reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.03. Independent Bank Group had a return on equity of 9.63% and a net margin of 26.36%. The firm had revenue of $146.30 million during the quarter, compared to analyst estimates of $141.55 million. Sell-side analysts expect that Independent Bank Group Inc will post 4.94 earnings per share for the current fiscal year.

In other news, Director John Webb Jennings III acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was bought at an average price of $47.86 per share, with a total value of $143,580.00. Following the acquisition, the director now owns 47,990 shares in the company, valued at approximately $2,296,801.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Stacy Smith acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was purchased at an average cost of $53.72 per share, with a total value of $268,600.00. Following the acquisition, the director now owns 97,058 shares in the company, valued at approximately $5,213,955.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 15,900 shares of company stock valued at $732,925. Insiders own 10.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its holdings in Independent Bank Group by 14.4% in the 4th quarter. Macquarie Group Ltd. now owns 1,292,300 shares of the bank’s stock worth $71,645,000 after acquiring an additional 162,916 shares during the last quarter. State Street Corp increased its holdings in Independent Bank Group by 7.9% in the 4th quarter. State Street Corp now owns 1,099,832 shares of the bank’s stock worth $60,975,000 after acquiring an additional 80,207 shares during the last quarter. Voya Investment Management LLC increased its holdings in Independent Bank Group by 2.1% in the 3rd quarter. Voya Investment Management LLC now owns 691,520 shares of the bank’s stock worth $36,381,000 after acquiring an additional 14,352 shares during the last quarter. Geode Capital Management LLC increased its holdings in Independent Bank Group by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 524,546 shares of the bank’s stock worth $29,080,000 after acquiring an additional 30,876 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Independent Bank Group by 45.6% in the 4th quarter. Renaissance Technologies LLC now owns 462,709 shares of the bank’s stock worth $25,653,000 after acquiring an additional 144,900 shares during the last quarter. 63.92% of the stock is owned by institutional investors.

Independent Bank Group Company Profile (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.

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