The stock of Independent Bank Group Inc (NASDAQ:IBTX) hit a new 52-week high and has $62.84 target or 9.00% above today’s $57.65 share price. The 8 months bullish chart indicates low risk for the $1.08 billion company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $62.84 price target is reached, the company will be worth $97.20M 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 124,697 shares traded hands or 17.88% up from the average. Independent Bank Group Inc (NASDAQ:IBTX) has risen 67.54% since April 20, 2016 and is uptrending. It has outperformed by 62.98% the S&P500.
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. Independent Bank Group Inc has been the topic of 13 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Thursday, June 9 by Evercore. The company was upgraded on Monday, April 25 by Piper Jaffray. The firm has “Hold” rating given on Friday, September 11 by Evercore. The firm has “Equal-Weight” rating by Stephens given on Wednesday, December 9. TheStreet downgraded Independent Bank Group Inc (NASDAQ:IBTX) on Thursday, August 27 to “Buy” rating. The stock has “Hold” rating given by Sandler O’Neill on Friday, October 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 2016 Q2. 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.
Blackrock Inv Mngmt Ltd Liability Corp has 0% invested in the company for 47,397 shares. Alliancebernstein Lp has invested 0.01% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX). Comml Bank Of Mellon owns 52,071 shares or 0% of their US portfolio. Manufacturers Life Insurance The holds 8,104 shares or 0% of its portfolio. Rhumbline Advisers, a Massachusetts-based fund reported 12,347 shares. Consector Capital Limited Partnership holds 2.51% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX) for 25,000 shares. Weatherbie Llc reported 245,309 shares or 1.49% of all its holdings. State Street Corp holds 0% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX) for 168,561 shares. United Capital Fin Advisers Ltd Llc, a California-based fund reported 61,371 shares. The Texas-based Limestone Value Ptnrs Llc has invested 0.54% in Independent Bank Group Inc (NASDAQ:IBTX). Goodman Fincl Corp holds 17,934 shares or 0.46% of its portfolio. Bancorporation Of America Corp De holds 0% or 8,569 shares in its portfolio. Aqr Ltd Liability Co last reported 0% of its portfolio in the stock. Systematic Management Lp holds 0.02% of its portfolio in Independent Bank Group Inc (NASDAQ:IBTX) for 36,660 shares. Dupont Corp, a Delaware-based fund reported 28,114 shares.
Insider Transactions: Since June 10, 2016, the stock had 1 insider purchase, and 16 insider sales for $8.32 million net activity. Brooks David R sold $862,081 worth of Independent Bank Group Inc (NASDAQ:IBTX) on Monday, November 14. Hobart Brian E also sold $5,760 worth of Independent Bank Group Inc (NASDAQ:IBTX) on Monday, October 24. Webb Jan C had sold 5,000 shares worth $225,000. Another trade for 5,000 shares valued at $230,000 was sold by Brooks Daniel W. 200 Independent Bank Group Inc (NASDAQ:IBTX) shares with value of $8,138 were bought by Berntsen Torry.
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.
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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