Stephens Issues a Downgrade for Independent Bank Group Inc (NASDAQ:IBTX) from a Overweight to Equal-weight Rating


Independent Bank Group Inc (NASDAQ:IBTX) Receives a Downgrade

Stephens has given Independent Bank Group Inc (NASDAQ:IBTX) shares a new Equal-weight rating in a comprehensive report disseminated on Wednesday, 9 December. This was a decrease from the old Overweight rating.

From a total of 9 analysts covering Independent Bank Group Inc (NASDAQ:IBTX) stock, 2 rate it a ”Buy”, 0 a “Sell”, and 6 a ”Hold”. This means that 25% of the ratings are positive. The highest target price is $51 while the lowest target price is $43. The mean of all analyst targets is $45.67 with a 31.61% above today’s ($34.7) stock price. Independent Bank Group Inc was the topic of 6 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Sandler O’Neill downgraded shares on October 23 to “Hold” rating. TheStreet downgraded IBTX stock in a recent report from August 27 to “Buy” rating.

Approximately 41,347 shares of stock traded hands. Independent Bank Group Inc (NASDAQ:IBTX) has declined 5.60% since May 6, 2015 and is downtrending. It has underperformed by 4.80% the S&P500.

The overall sentiment of institutions has decreased to 0.94 in Q2 2015. Its down 0.46, from 1.4 in 2015Q2. The ratio worsened, as 7 institutions have sold all the shares of Independent Bank Group Inc that they owned while 27 funds have taken shares off the table. 4 funds have purchased shares for the first time while 28 added to their positions. These institutions now hold 11.65 million shares or 127.10% more than the 5.13 million shares they owned in 2015Q2.

The Fund Castine Capital Management Llc currently is holding shares equating to 2.57% of its total portfolio in Independent Bank Group Inc representing a total of 147,454 shares. Another fund,Clover Partners L.P., is holding a total of 135,041 shares equating to 2.53% of their holdings. Additionally, Consector Capital Lp has a 32,959 share stake in Independent Bank Group Inc which represents 1.46% of their total portfolio. The Fund, Weatherbie Capital Llc, based out of Massachusetts, has also built up a stake in the stock, which represents a total of 1.31% of their total portfolio. Finally Hodges Capital Management Inc., a fund which is based in the state of Texas reported a total holdings of 729,138 shares.

Insider activity is a very important aspect to track on any stock. Going back to March 27, 2015, shareholders of Independent Bank Group Inc have witnessed 2 insider purchases, and a total of 0 insider sales equating to a net activity of approximately $9,714 . Hickox Michelle S bought 45 shares worth approximately $1,732. Berntsen Torry bought 200 shares worth approximately $7,982. Stein James D sold 4,000 shares worth approximately $158,055. Smith G Stacy bought 5,300 shares worth approximately $205,445.

Independent Bank Group, Inc. is bank holding company. The company has a market cap of $625.80 million. Through the Company’s wholly owned subsidiary, Independent Bank , the Company provides a range of relationship-driven commercial banking services and products tailored to meet the needs of businesses, professionals and individuals. It has 15.67 P/E ratio. Commercial lending products include owner-occupied commercial real estate loans, interim construction loans, commercial loans to a diversified 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.” Get a free copy of the Zacks research report on Independent Bank Group Inc (IBTX).