Independent Bank Group, Inc. (NASDAQ:IBTX) Short Interest Up 7.4% in December

Independent Bank Group, Inc. (NASDAQ:IBTX) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 2,170,000 shares, a growth of 7.4% from the November 30th total of 2,020,000 shares. Approximately 6.1% of the shares of the company are short sold. Based on an average daily volume of 233,300 shares, the short-interest ratio is currently 9.3 days.

Analyst Ratings Changes

Several research firms recently weighed in on IBTX. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial decreased their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Finally, StockNews.com started coverage on Independent Bank Group in a research note on Wednesday. They issued a “sell” rating for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Price Performance

Shares of IBTX traded up $0.28 during mid-day trading on Wednesday, reaching $60.67. The company had a trading volume of 1,552,369 shares, compared to its average volume of 249,738. The company’s 50-day moving average is $63.18 and its 200-day moving average is $57.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. Independent Bank Group has a twelve month low of $36.47 and a twelve month high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (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 for the quarter, compared to the consensus estimate of $124.48 million. During the same period in the previous year, the business posted $0.79 earnings per share. On average, equities analysts anticipate that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid 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 2.51%. Independent Bank Group’s dividend payout ratio is -14.53%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Magnetar Financial LLC acquired a new stake in Independent Bank Group during the 2nd quarter valued at $14,146,000. FMR LLC increased its stake in shares of Independent Bank Group by 8.1% in the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after buying an additional 279,112 shares in the last quarter. Silver Lake Advisory LLC bought a new position in shares of Independent Bank Group in the second quarter valued at about $5,491,000. Edgestream Partners L.P. acquired a new position in Independent Bank Group during the 3rd quarter worth about $3,521,000. Finally, Westchester Capital Management LLC grew its holdings in Independent Bank Group by 15.5% during the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after acquiring an additional 40,944 shares during the last quarter. 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.