The stock of Independent Bank Group Inc (NASDAQ:IBTX) hit a new 52-week high and has $61.70 target or 3.00% above today’s $59.90 share price. The 6 months bullish chart indicates low risk for the $1.11 billion company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $61.70 price target is reached, the company will be worth $33.30 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 73,499 shares traded hands. Independent Bank Group Inc (NASDAQ:IBTX) has risen 86.32% since April 25, 2016 and is uptrending. It has outperformed by 80.31% the S&P500.
Analysts await Independent Bank Group Inc (NASDAQ:IBTX) to report earnings on January, 25. They expect $0.80 EPS, up 37.93% or $0.22 from last year’s $0.58 per share. IBTX’s profit will be $14.82 million for 18.72 P/E if the $0.80 EPS becomes a reality. After $0.78 actual EPS reported by Independent Bank Group Inc for the previous quarter, Wall Street now forecasts 2.56% EPS growth.
Independent Bank Group Inc (NASDAQ:IBTX) Ratings Coverage
Out of 8 analysts covering Independent Bank Group Inc (NASDAQ:IBTX), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. $61 is the highest target while $35 is the lowest. The $44 average target is -26.54% below today’s ($59.9) stock price. Independent Bank Group Inc has been the topic of 14 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Evercore downgraded the shares of IBTX in a report on Friday, September 11 to “Hold” rating. The company was upgraded on Monday, April 25 by Piper Jaffray. The stock of Independent Bank Group Inc (NASDAQ:IBTX) has “Hold” rating given on Friday, October 23 by Sandler O’Neill. The stock of Independent Bank Group Inc (NASDAQ:IBTX) earned “Buy” rating by Evercore on Thursday, June 9. The stock of Independent Bank Group Inc (NASDAQ:IBTX) earned “Equal-Weight” rating by Stephens on Wednesday, December 9. The firm has “Buy” rating by TheStreet given on Thursday, August 27. The firm has “Market Perform” rating by Hovde Group given on Wednesday, November 23.
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.”
Insitutional Activity: The institutional sentiment decreased to 1.14 in Q2 2016. Its down 0.45, from 1.59 in 2016Q1. The ratio fall, 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.
Royal Natl Bank Of Canada accumulated 0% or 24,865 shares. Moreover, Weatherbie Cap Lc has 1.49% invested in Independent Bank Group Inc (NASDAQ:IBTX) for 245,309 shares. Invesco Ltd holds 0% or 9,214 shares in its portfolio. Schwab Charles Investment Management holds 0% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX) for 30,871 shares. State Common Retirement Fund has invested 0% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX). Banc Funds Co Ltd Limited Liability Company has 0.1% invested in the company for 38,500 shares. Dreman Value L L C has 73 shares for 0% of their US portfolio. Financial Advisers Lc has invested 0.03% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX). Citigroup holds 2,092 shares or 0% of its portfolio. Wellington Management Group Inc Ltd Liability Partnership has 536,153 shares for 0.01% of their US portfolio. Frontier Inv Mgmt Co owns 77,743 shares or 0.42% of their US portfolio. Employees Retirement System Of Texas accumulated 0.02% or 39,000 shares. Consector Cap Limited Partnership, a New York-based fund reported 25,000 shares. Dimensional Fund Advisors Limited Partnership has 197,165 shares for 0% of their US portfolio. State Board Of Administration Of Florida Retirement System has 7,977 shares for 0% of their US portfolio.
Insider Transactions: Since June 10, 2016, the stock had 1 buy, and 18 insider sales for $9.15 million net activity. Another trade for 5,000 shares valued at $251,250 was made by Webb Jan C on Thursday, November 10. Shares for $550,000 were sold by Brooks David R. Hobart Brian E sold 2,500 shares worth $125,000. 5,000 Independent Bank Group Inc (NASDAQ:IBTX) shares with value of $230,000 were sold by Brooks Daniel W. Another trade for 200 shares valued at $8,138 was bought by Berntsen Torry.
More important recent Independent Bank Group Inc (NASDAQ:IBTX) news were published by: Reuters.com which released: “BRIEF-Independent Bank Group to acquire Carlile Bancshares” on November 22, 2016, also Globenewswire.com published article titled: “Independent Bank Group, Inc. Announces Q3 2016 Earnings Call”, Globenewswire.com published: “Independent Bank Group, Inc. Announces Senior Leadership Changes” on April 21, 2016. More interesting news about Independent Bank Group Inc (NASDAQ:IBTX) was released by: Globenewswire.com and their article: “Independent Bank Group, Inc. Announces Q2 2016 Earnings Call” with publication date: July 06, 2016.
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.
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