Independent Bank Group Inc. (IBTX) Hits New 52-Week High at $44.00
Independent Bank Group Inc. (NASDAQ:IBTX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $44.00 and last traded at $43.71, with a volume of 26,394 shares changing hands. The stock had previously closed at $43.46.
IBTX has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Thursday, June 30th. Stephens raised shares of Independent Bank Group from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, April 26th. Piper Jaffray Cos. raised shares of Independent Bank Group from a “neutral” rating to an “overweight” rating in a research report on Monday, April 25th. Evercore ISI raised shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Thursday, June 9th. Finally, TheStreet raised shares of Independent Bank Group from a “hold” rating to a “buy” rating in a research report on Tuesday, May 10th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Independent Bank Group has an average rating of “Buy” and an average target price of $43.50.
The company has a 50-day moving average of $42.17 and a 200-day moving average of $35.19. The stock has a market capitalization of $808.28 million and a PE ratio of 18.48.
Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, July 25th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The firm earned $50.81 million during the quarter, compared to analyst estimates of $50.21 million. The company’s revenue was up 21.3% on a year-over-year basis. On average, equities analysts forecast that Independent Bank Group Inc. will post $2.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 18th. Investors of record on Monday, August 8th were paid a $0.08 dividend. The ex-dividend date of this dividend was Thursday, August 4th. This represents a $0.32 dividend on an annualized basis and a yield of 0.74%.
In other news, Director G Stacy Smith bought 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 purchase, the director now owns 119,670 shares of the company’s stock, valued at approximately $4,653,966.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
An institutional investor recently raised its position in Independent Bank Group stock. Dimensional Fund Advisors LP increased its position in shares of Independent Bank Group Inc. (NASDAQ:IBTX) by 50.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,721 shares of the company’s stock after buying an additional 47,937 shares during the period. Dimensional Fund Advisors LP owned approximately 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.
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