Independent Bank Group (NASDAQ:IBTX) Downgraded by Raymond James to Market Perform

Raymond James lowered shares of Independent Bank Group (NASDAQ:IBTX) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports.

Other analysts also recently issued reports about the company. ValuEngine upgraded Independent Bank Group from a sell rating to a hold rating in a research note on Wednesday, October 2nd. Stephens reissued a buy rating on shares of Independent Bank Group in a report on Tuesday, October 22nd. BidaskClub upgraded Independent Bank Group from a hold rating to a buy rating in a research note on Saturday, December 7th. Zacks Investment Research raised Independent Bank Group from a sell rating to a hold rating in a report on Wednesday, December 4th. Finally, SunTrust Banks dropped their price objective on Independent Bank Group from $61.00 to $60.00 and set a hold rating on the stock in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Independent Bank Group has an average rating of Hold and a consensus target price of $62.00.

Shares of NASDAQ IBTX traded down $1.27 during midday trading on Tuesday, hitting $58.94. The stock had a trading volume of 82,119 shares, compared to its average volume of 278,116. The business’s 50 day moving average is $56.63 and its 200-day moving average is $53.78. Independent Bank Group has a 52 week low of $44.14 and a 52 week high of $63.16. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.53 billion, a P/E ratio of 13.21 and a beta of 1.48.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 21st. The bank reported $1.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.01. Independent Bank Group had a net margin of 26.29% and a return on equity of 9.39%. The company had revenue of $152.72 million during the quarter, compared to the consensus estimate of $141.57 million. During the same quarter last year, the firm earned $1.20 earnings per share. As a group, analysts expect that Independent Bank Group will post 5.02 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a $0.25 dividend. The ex-dividend date was Friday, November 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.70%. Independent Bank Group’s dividend payout ratio is presently 22.42%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aperio Group LLC lifted its position in Independent Bank Group by 5.6% during the second quarter. Aperio Group LLC now owns 7,007 shares of the bank’s stock valued at $385,000 after purchasing an additional 374 shares during the period. Janus Henderson Group PLC purchased a new stake in Independent Bank Group in the second quarter worth approximately $211,000. Covenant Multifamily Offices LLC bought a new stake in Independent Bank Group in the 2nd quarter worth approximately $1,694,000. Envestnet Asset Management Inc. grew its position in Independent Bank Group by 66.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 47,715 shares of the bank’s stock worth $2,622,000 after purchasing an additional 19,096 shares during the period. Finally, Comerica Bank grew its position in Independent Bank Group by 8.7% in the 2nd quarter. Comerica Bank now owns 25,099 shares of the bank’s stock worth $1,382,000 after purchasing an additional 2,008 shares during the period. 64.70% of the stock is owned by hedge funds and other institutional investors.

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 offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.

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