Shares of Independent Bank Group Inc. (NASDAQ:IBTX) gapped up before the market opened on Thursday . The stock had previously closed at $39.54, but opened at $39.66. Independent Bank Group shares last traded at $39.81, with a volume of 26,525 shares trading hands.

IBTX has been the topic of several recent research reports. Stephens upgraded shares of Independent Bank Group from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, April 26th. Zacks Investment Research upgraded shares of Independent Bank Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 20th. Raymond James Financial Inc. assumed coverage on shares of Independent Bank Group in a research report on Thursday. They issued an “outperform” rating and a $44.00 price target on the stock. Evercore ISI upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Thursday, June 9th. Finally, Hovde Group boosted their price target on shares of Independent Bank Group from $31.00 to $38.00 and gave the company a “market perform” rating in a research report on Wednesday, April 27th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $42.25.

The company has a market capitalization of $746.34 million and a P/E ratio of 17.31. The firm has a 50-day moving average price of $39.50 and a 200 day moving average price of $32.67.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, April 25th. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.03. During the same quarter in the prior year, the business earned $0.63 earnings per share. On average, analysts anticipate that Independent Bank Group Inc. will post $2.85 EPS for the current year.

In other Independent Bank Group news, Director Jack M. Radke purchased 4,000 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were acquired at an average cost of $33.86 per share, with a total value of $135,440.00. Following the completion of the transaction, the director now owns 7,027 shares in the company, valued at $237,934.22. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Stacy Smith purchased 15,186 shares of the stock in a transaction that occurred on Monday, June 27th. The shares were acquired at an average cost of $38.89 per share, for a total transaction of $590,583.54. Following the completion of the transaction, the director now owns 119,670 shares of the company’s stock, valued at approximately $4,653,966.30. The disclosure for this purchase can be found here.

A number of institutional investors have added to or reduced their stakes in IBTX. Dimensional Fund Advisors LP raised its position in Independent Bank Group by 50.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 142,721 shares of the company’s stock worth $4,567,000 after buying an additional 47,937 shares in the last quarter. Hodges Capital Management Inc. raised its position in Independent Bank Group by 8.0% in the fourth quarter. Hodges Capital Management Inc. now owns 787,140 shares of the company’s stock worth $25,188,000 after buying an additional 58,002 shares in the last quarter. Finally, Stoneridge Investment Partners LLC raised its position in Independent Bank Group by 111.8% in the fourth quarter. Stoneridge Investment Partners LLC now owns 41,499 shares of the company’s stock worth $1,328,000 after buying an additional 21,901 shares in the last quarter.

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), it provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Its commercial lending products include owner-occupied commercial real estate loans, interim construction loans, commercial loans to a mix of small and midsized businesses, and loans to professionals, particularly medical practices.

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