Independent Bank Group (NASDAQ:IBTX) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Independent Bank Group (NASDAQ:IBTX) from a sell rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.

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. “

IBTX has been the topic of several other reports. ValuEngine upgraded Independent Bank Group from a strong sell rating to a sell rating in a research note on Friday, May 24th. BidaskClub upgraded Independent Bank Group from a strong sell rating to a sell rating in a research note on Thursday, September 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $63.00.

Shares of IBTX opened at $53.17 on Wednesday. The business’s fifty day simple moving average is $50.87 and its two-hundred day simple moving average is $53.74. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Independent Bank Group has a 12 month low of $44.14 and a 12 month high of $69.18. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 11.92 and a beta of 1.43.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, July 22nd. The bank reported $1.22 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.05). Independent Bank Group had a net margin of 26.06% and a return on equity of 9.18%. The business had revenue of $145.84 million for the quarter, compared to analysts’ expectations of $138.67 million. As a group, research analysts forecast that Independent Bank Group will post 5.15 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. BlackRock Inc. lifted its holdings in shares of Independent Bank Group by 16.3% during the 2nd quarter. BlackRock Inc. now owns 2,790,943 shares of the bank’s stock valued at $153,390,000 after buying an additional 391,494 shares during the period. Nuveen Asset Management LLC bought a new position in shares of Independent Bank Group during the 2nd quarter valued at $10,450,000. Geode Capital Management LLC lifted its holdings in shares of Independent Bank Group by 67.5% during the 4th quarter. Geode Capital Management LLC now owns 401,298 shares of the bank’s stock valued at $18,367,000 after buying an additional 161,786 shares during the period. Connors Investor Services Inc. bought a new position in shares of Independent Bank Group during the 1st quarter valued at $5,385,000. Finally, Kennedy Capital Management Inc. lifted its holdings in shares of Independent Bank Group by 92.6% during the 1st quarter. Kennedy Capital Management Inc. now owns 184,034 shares of the bank’s stock valued at $9,439,000 after buying an additional 88,463 shares during the period. 62.48% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Group Company Profile

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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