Independent Bank Group (IBTX) Upgraded to Buy at BidaskClub
Independent Bank Group (NASDAQ:IBTX) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Saturday.
Several other research firms have also weighed in on IBTX. Piper Jaffray Companies reiterated a “buy” rating and issued a $76.00 price objective on shares of Independent Bank Group in a research note on Thursday, October 19th. Zacks Investment Research upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Friday, October 6th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $71.00 price target on shares of Independent Bank Group in a research note on Wednesday, October 4th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $71.40.
Independent Bank Group (IBTX) traded up $0.05 during trading on Friday, reaching $68.95. 183,854 shares of the company’s stock traded hands, compared to its average volume of 162,775. The firm has a market cap of $1,920.00, a price-to-earnings ratio of 20.39 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.55. Independent Bank Group has a 1 year low of $51.70 and a 1 year high of $70.45.
In other news, Vice Chairman Brian E. Hobart sold 22,500 shares of the stock in a transaction on Monday, October 16th. The shares were sold at an average price of $60.71, for a total transaction of $1,365,975.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Daniel W. Brooks sold 7,503 shares of the stock in a transaction on Friday, October 13th. The stock was sold at an average price of $60.67, for a total transaction of $455,207.01. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,397 shares of company stock worth $5,565,604. 7.70% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Independent Bank Group by 2,892.1% during the 2nd 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. Public Employees Retirement System of Ohio boosted its holdings in shares of Independent Bank Group by 16.2% during the 1st 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. Virtu KCG Holdings LLC bought a new stake in shares of Independent Bank Group during the 2nd quarter worth $251,000. Airain ltd bought a new stake in shares of Independent Bank Group during the 2nd quarter worth $256,000. Finally, Legal & General Group Plc boosted its holdings in shares of Independent Bank Group by 66.9% during the 2nd quarter. Legal & General Group Plc now owns 4,472 shares of the bank’s stock worth $266,000 after buying an additional 1,792 shares during the period. Institutional investors own 49.83% of the company’s stock.
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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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