Brokerages Expect Independent Bank Group, Inc (IBTX) Will Announce Quarterly Sales of $83.45 Million
Brokerages expect Independent Bank Group, Inc (NASDAQ:IBTX) to announce sales of $83.45 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Independent Bank Group’s earnings, with the lowest sales estimate coming in at $83.00 million and the highest estimate coming in at $83.90 million. Independent Bank Group posted sales of $50.67 million in the same quarter last year, which would indicate a positive year over year growth rate of 64.7%. The company is expected to issue its next quarterly earnings report on Monday, October 23rd.
According to Zacks, analysts expect that Independent Bank Group will report full-year sales of $83.45 million for the current fiscal year, with estimates ranging from $299.50 million to $301.10 million. For the next fiscal year, analysts forecast that the firm will report sales of $354.90 million per share, with estimates ranging from $351.30 million to $358.50 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Independent Bank Group.
Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, July 24th. The bank reported $0.82 EPS for the quarter, meeting analysts’ consensus estimates of $0.82. Independent Bank Group had a return on equity of 8.43% and a net margin of 23.52%. The company had revenue of $80.50 million during the quarter, compared to analysts’ expectations of $81.31 million. During the same period last year, the business posted $0.74 EPS. Independent Bank Group’s revenue for the quarter was up 58.4% on a year-over-year basis.
Several equities research analysts have commented on IBTX shares. Zacks Investment Research lowered Independent Bank Group from a “hold” rating to a “sell” rating in a research note on Thursday, June 29th. Stephens reiterated a “buy” rating on shares of Independent Bank Group in a research note on Monday, April 24th. ValuEngine upgraded Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub lowered Independent Bank Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, Sandler O’Neill upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Monday, June 26th. Two investment analysts have rated the stock with a sell rating and five have given a buy rating to the stock. Independent Bank Group presently has a consensus rating of “Hold” and an average price target of $69.60.
In other news, Director John Webb Jennings III sold 3,000 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $61.78, for a total value of $185,340.00. Following the completion of the sale, the director now owns 38,350 shares in the company, valued at $2,369,263. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.70% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA raised its stake in Independent Bank Group by 2,892.1% in the second quarter. BNP Paribas Arbitrage SA now owns 1,885 shares of the bank’s stock worth $112,000 after buying an additional 1,822 shares during the period. Acrospire Investment Management LLC raised its stake in Independent Bank Group by 108.5% in the first quarter. Acrospire Investment Management LLC now owns 2,498 shares of the bank’s stock worth $161,000 after buying an additional 1,300 shares during the period. Public Employees Retirement System of Ohio raised its stake in Independent Bank Group by 16.2% in the first quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock worth $179,000 after buying an additional 389 shares during the period. Karp Capital Management Corp bought a new stake in Independent Bank Group during the first quarter worth about $202,000. Finally, Airain ltd bought a new stake in Independent Bank Group during the second quarter worth about $256,000. Institutional investors and hedge funds own 41.45% of the company’s stock.
Independent Bank Group (NASDAQ IBTX) opened at 61.35 on Wednesday. Independent Bank Group has a one year low of $41.92 and a one year high of $66.85. The company’s 50-day moving average price is $59.13 and its 200-day moving average price is $60.98. The stock has a market capitalization of $1.70 billion, a PE ratio of 20.49 and a beta of 1.26.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 7th will be paid a $0.10 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.65%. Independent Bank Group’s dividend payout ratio (DPR) is currently 13.16%.
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About Independent Bank Group
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.
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