Independent Bank Group (NASDAQ:IBTX) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report released on Monday morning. The brokerage issued a sell rating on the bank’s stock.

Several other research analysts have also weighed in on IBTX. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price target on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $60.25 on Monday. Independent Bank Group has a 52 week low of $36.47 and a 52 week high of $68.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -5.76 and a beta of 1.39. The firm has a fifty day moving average of $62.94 and a two-hundred day moving average of $56.05.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the prior year, the company posted $0.79 EPS. As a group, equities research analysts predict that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.52%. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of Independent Bank Group by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock worth $50,697,000 after purchasing an additional 15,447 shares during the last quarter. Barclays PLC grew its holdings in Independent Bank Group by 71.9% during the third quarter. Barclays PLC now owns 79,414 shares of the bank’s stock worth $4,578,000 after purchasing an additional 33,213 shares during the period. XTX Topco Ltd acquired a new position in Independent Bank Group during the third quarter worth approximately $314,000. Jane Street Group LLC raised its stake in Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after buying an additional 26,414 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of Independent Bank Group in the third quarter valued at approximately $3,521,000. Institutional investors own 77.90% of the company’s stock.

Independent Bank Group Company Profile

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.