Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have been given an average rating of “Buy” by the seven analysts that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $51.90.
IBTX has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Independent Bank Group from a “hold” rating to a “strong-buy” rating and set a $59.00 price target on the stock in a research note on Saturday, October 31st. TheStreet raised shares of Independent Bank Group from a “c+” rating to a “b-” rating in a research report on Thursday, November 19th. Raymond James cut Independent Bank Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 6th. Finally, Truist initiated coverage on Independent Bank Group in a report on Friday, December 18th. They set a “buy” rating and a $75.00 price objective on the stock.
Shares of IBTX opened at $61.42 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market cap of $2.66 billion, a PE ratio of 13.68 and a beta of 1.85. The firm’s 50 day moving average price is $64.26 and its 200 day moving average price is $52.83. Independent Bank Group has a twelve month low of $20.35 and a twelve month high of $70.19.
In other Independent Bank Group news, CEO David R. Brooks sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 19th. The stock was sold at an average price of $66.53, for a total value of $7,983,600.00. Following the sale, the chief executive officer now owns 48,100 shares of the company’s stock, valued at approximately $3,200,093. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Daniel W. Brooks sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 19th. The shares were sold at an average price of $66.53, for a total value of $665,300.00. Following the completion of the sale, the insider now directly owns 124,312 shares in the company, valued at approximately $8,270,477.36. The disclosure for this sale can be found here. In the last three months, insiders have acquired 3,325 shares of company stock valued at $197,256 and have sold 154,669 shares valued at $10,131,139. 4.00% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Great West Life Assurance Co. Can raised its stake in Independent Bank Group by 173.3% during the 3rd quarter. Great West Life Assurance Co. Can now owns 122,115 shares of the bank’s stock valued at $361,000 after purchasing an additional 77,428 shares during the last quarter. Royce & Associates LP raised its position in shares of Independent Bank Group by 11.6% during the third quarter. Royce & Associates LP now owns 451,101 shares of the bank’s stock valued at $19,930,000 after buying an additional 46,974 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Independent Bank Group by 11.2% in the third quarter. Principal Financial Group Inc. now owns 365,378 shares of the bank’s stock valued at $16,142,000 after buying an additional 36,899 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Independent Bank Group by 39.4% in the third quarter. JPMorgan Chase & Co. now owns 96,966 shares of the bank’s stock valued at $4,219,000 after buying an additional 27,391 shares during the period. Finally, CFO4Life Group LLC acquired a new stake in Independent Bank Group during the fourth quarter worth about $1,092,000. 67.76% of the stock is currently owned by institutional investors and hedge funds.
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 accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.
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