Independent Bank Group (NASDAQ:IBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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. “
Several other equities analysts have also weighed in on the stock. BidaskClub upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. Piper Jaffray Companies reiterated a “buy” rating and issued a $76.00 target price on shares of Independent Bank Group in a report on Thursday, October 19th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $71.00 target price on shares of Independent Bank Group in a report on Wednesday, October 4th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $75.00 target price on shares of Independent Bank Group in a report on Tuesday, January 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $73.57.
In other Independent Bank Group news, Vice Chairman Daniel W. Brooks sold 25,000 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $68.30, for a total value of $1,707,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 7.70% of the company’s stock.
A number of large investors have recently bought and sold shares of IBTX. State Street Corp lifted its holdings in shares of Independent Bank Group by 29.9% in the 2nd quarter. State Street Corp now owns 449,148 shares of the bank’s stock worth $26,725,000 after acquiring an additional 103,332 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Independent Bank Group by 51.9% in the 2nd quarter. Northern Trust Corp now owns 209,830 shares of the bank’s stock worth $12,486,000 after acquiring an additional 71,705 shares during the last quarter. John W. Rosenthal Capital Management Inc. acquired a new position in shares of Independent Bank Group in the 3rd quarter worth approximately $2,147,000. Citadel Advisors LLC lifted its holdings in shares of Independent Bank Group by 190.9% in the 2nd quarter. Citadel Advisors LLC now owns 10,534 shares of the bank’s stock worth $627,000 after acquiring an additional 6,913 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Independent Bank Group by 18.1% in the 2nd quarter. Vanguard Group Inc. now owns 616,447 shares of the bank’s stock worth $36,678,000 after acquiring an additional 94,580 shares during the last quarter. Institutional investors own 47.71% of the company’s stock.
WARNING: “Zacks Investment Research Downgrades Independent Bank Group (IBTX) to Hold” was originally published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this article can be accessed at https://www.americanbankingnews.com/2018/01/28/zacks-investment-research-downgrades-independent-bank-group-ibtx-to-hold.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independent Bank Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Group and related companies with MarketBeat.com's FREE daily email newsletter.