Important Rating: Hovde Group Reconfirms a Market Perform Rating on Independent Bank Group (NASDAQ:IBTX) and $61 Target

November 23, 2016 - By olga

Important Rating: Hovde Group Reconfirms a Market Perform Rating on Independent Bank Group (NASDAQ:IBTX) and $61 Target

Independent Bank Group (NASDAQ:IBTX) Rating

They currently have a $61 PT on Independent Bank Group (NASDAQ:IBTX). Hovde Group’s target would suggest a potential upside of 4.81% from the company’s previous stock close. This was released in analysts note on Wednesday, 23 November.

Independent Bank Group Inc (NASDAQ:IBTX) Ratings Coverage

Out of 7 analysts covering Independent Bank Group Inc (NASDAQ:IBTX), 2 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 29% are positive. $48 is the highest target while $35 is the lowest. The $39.75 average target is -31.70% below today’s ($58.2) stock price. Independent Bank Group Inc has been the topic of 13 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Stephens downgraded the stock to “Equal-Weight” rating in Wednesday, December 9 report. Evercore upgraded the stock to “Buy” rating in Thursday, June 9 report. The rating was downgraded by Evercore to “Hold” on Friday, September 11. As per Monday, April 25, the company rating was upgraded by Piper Jaffray. Sandler O’Neill downgraded the shares of IBTX in a report on Friday, October 23 to “Hold” rating. TheStreet downgraded the stock to “Buy” rating in Thursday, August 27 report.

The stock increased 6.69% or $3.65 during the last trading session, hitting $58.2. Independent Bank Group Inc (NASDAQ:IBTX) has risen 81.42% since April 21, 2016 and is uptrending. It has outperformed by 76.09% the S&P500.

Insitutional Activity: The institutional sentiment decreased to 1.14 in Q2 2016. Its down 0.45, from 1.59 in 2016Q1. The ratio dived, as 10 funds sold all Independent Bank Group Inc shares owned while 24 reduced positions. 16 funds bought stakes while 38 increased positions. They now own 6.23 million shares or 10.03% more from 5.66 million shares in 2016Q1.

Invesco last reported 9,214 shares in the company. New York State Common Retirement Fund accumulated 0% or 12,000 shares. Nationwide Fund Advsr has 0.01% invested in the company for 27,234 shares. Parametric Port Assocs Ltd Liability, a Washington-based fund reported 5,064 shares. Swiss Bancshares reported 17,552 shares or 0% of all its holdings. Bnp Paribas Arbitrage Sa holds 439 shares or 0% of its portfolio. Lsv Asset Mgmt holds 6,300 shares or 0% of its portfolio. American Century Inc last reported 0% of its portfolio in the stock. Wfg Advsrs L P, a Texas-based fund reported 31,476 shares. Deutsche Bank Ag accumulated 0% or 9,288 shares. Clarivest Asset Management Ltd Liability last reported 0.01% of its portfolio in the stock. Moreover, Castine Management Ltd Llc has 2.68% invested in Independent Bank Group Inc (NASDAQ:IBTX) for 130,000 shares. Renaissance Ltd Company last reported 36,300 shares in the company. Blackrock Limited last reported 47,397 shares in the company. Goodman Corp owns 17,934 shares or 0.46% of their US portfolio.

Insider Transactions: Since June 10, 2016, the stock had 1 buying transaction, and 17 sales for $8.87 million net activity. Hobart Brian E sold 120 shares worth $5,760. Webb Jan C also sold $251,250 worth of Independent Bank Group Inc (NASDAQ:IBTX) shares. Shares for $245,000 were sold by Brooks Daniel W. The insider Brooks David R sold 16,077 shares worth $862,081. $8,138 worth of Independent Bank Group Inc (NASDAQ:IBTX) was bought by Berntsen Torry.

Independent Bank Group, Inc. is a bank holding company. The company has a market cap of $1.09 billion. Through the Company’s subsidiary, Independent Bank , it provides a range of commercial banking services and products tailored to meet the needs of businesses, professionals and individuals. It has a 21.89 P/E ratio. The Company’s 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.

According to Zacks Investment Research, “Independent Bank Group, Inc. is a bank holding company that conducts its business activities through its subsidiary, Independent Bank. The company offers personal and commercial banking services to businesses, professionals and individuals. Its services includes checking accounts, savings accounts, commercial real estate loans, interim construction loans, loans to professionals, residential first and second mortgage loans , loans to purchase cars, boats and other recreational vehicles. Independent Bank Group, Inc. is headquartered in McKinney, Texas.”

IBTX Company Profile

Independent Bank Group, Inc., incorporated on September 20, 2002, is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking services and products tailored to meet the needs of businesses, professionals and individuals. The Firm operates approximately 40 banking offices in the Dallas-Fort Worth metropolitan area, the Austin/Central Texas area, and the Houston metropolitan area. The Firm offers residential mortgages through its mortgage brokerage division. As a mortgage broker, the Company originates residential mortgages, which are sold into the secondary market shortly after closing. The Firm also provides wealth management services to its customers, including investment advisory and other related services.

More notable recent Independent Bank Group Inc (NASDAQ:IBTX) news were published by: Globenewswire.com which released: “Independent Bank Group, Inc. to Acquire Carlile Bancshares, Inc.” on November 21, 2016, also Reuters.com with their article: “BRIEF-Independent Bank Group to acquire Carlile Bancshares” published on November 22, 2016, Globenewswire.com published: “Independent Bank Group, Inc. Announces Q3 2016 Earnings Call” on October 12, 2016. More interesting news about Independent Bank Group Inc (NASDAQ:IBTX) were released by: Globenewswire.com and their article: “Independent Bank Group, Inc. Announces Senior Leadership Changes” published on April 21, 2016 as well as Globenewswire.com‘s news article titled: “Independent Bank Group, Inc. Announces Q2 2016 Earnings Call” with publication date: July 06, 2016.

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