Independent Bank Group Inc. (IBTX) Sees Strong Trading Volume
Independent Bank Group Inc. (NASDAQ:IBTX) saw an uptick in trading volume on Thursday . 70,894 shares were traded during mid-day trading, a decline of 8% from the previous session’s volume of 77,226 shares.The stock last traded at $42.21 and had previously closed at $42.32.
Several brokerages recently weighed in on IBTX. Zacks Investment Research raised Independent Bank Group from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Thursday, June 30th. Raymond James Financial Inc. began coverage on Independent Bank Group in a research note on Thursday, July 7th. They issued an “outperform” rating and a $44.00 target price for the company. Evercore ISI upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Thursday, June 9th. Hovde Group raised their target price on Independent Bank Group from $31.00 to $38.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 27th. Finally, TheStreet upgraded Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 10th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Independent Bank Group currently has an average rating of “Buy” and an average target price of $42.25.
The firm has a market capitalization of $786.21 million and a PE ratio of 18.24. The stock’s 50 day moving average price is $40.77 and its 200 day moving average price is $33.35.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, April 25th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.03. During the same period in the prior year, the business earned $0.63 EPS. Analysts forecast that Independent Bank Group Inc. will post $2.85 earnings per share for the current year.
In related news, Director G Stacy Smith acquired 15,186 shares of the stock in a transaction dated Monday, June 27th. The stock was acquired at an average cost of $38.89 per share, with a total value of $590,583.54. Following the purchase, the director now directly owns 119,670 shares of the company’s stock, valued at $4,653,966.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jack M. Radke acquired 4,000 shares of the stock in a transaction dated Friday, May 13th. The stock was bought at an average cost of $33.86 per share, with a total value of $135,440.00. Following the completion of the purchase, the director now directly owns 7,027 shares in the company, valued at $237,934.22. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Independent Bank Group stock. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank Group Inc. (NASDAQ:IBTX) by 50.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,721 shares of the company’s stock after buying an additional 47,937 shares during the period. Dimensional Fund Advisors LP owned 0.78% of Independent Bank Group worth $4,567,000 at the end of the most recent 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.