Independent Bank Group Inc. (IBTX) Reaches 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 stock traded as high as $44.00 and last traded at $43.71, with a volume of 26,394 shares. The stock had previously closed at $43.46.
IBTX has been the subject of several research analyst reports. Evercore ISI upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Thursday, June 9th. Zacks Investment Research raised shares of 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. Hovde Group raised their price objective on shares of Independent Bank Group from $31.00 to $38.00 and gave the stock a “market perform” rating in a report on Wednesday, April 27th. Raymond James Financial Inc. began coverage on shares of Independent Bank Group in a report on Thursday, July 7th. They issued an “outperform” rating and a $44.00 price objective for the company. Finally, Stephens raised shares of Independent Bank Group from an “equal weight” rating to an “overweight” rating in a report on Tuesday, April 26th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $43.50.
The stock has a market capitalization of $808.28 million and a PE ratio of 18.48. The company’s 50-day moving average is $42.31 and its 200 day moving average is $35.50.
Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, July 25th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The firm earned $50.81 million during the quarter, compared to the consensus estimate of $50.21 million. The business’s quarterly revenue was up 21.3% on a year-over-year basis. On average, analysts anticipate that Independent Bank Group Inc. will post $2.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 18th. Stockholders of record on Monday, August 8th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend was Thursday, August 4th.
In other news, Director G Stacy Smith purchased 15,186 shares of the stock in a transaction dated 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 acquisition, the director now owns 119,670 shares of the company’s stock, valued at $4,653,966.30. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.
A hedge fund recently raised its stake in Independent Bank Group stock. Dimensional Fund Advisors LP increased its position in Independent Bank Group Inc. (NASDAQ:IBTX) by 50.6% during the fourth quarter, according to its most recent disclosure with the SEC. 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 0.78% of Independent Bank Group worth $4,567,000 as of its most recent filing with the SEC.
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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