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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Thursday. The brokerage issued a sell rating on the bank’s stock.

A number of other equities analysts have also recently commented on IBTX. Keefe, Bruyette & Woods boosted their price target on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial dropped their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank Group presently has a consensus rating of “Hold” and a consensus price target of $60.33.

Independent Bank Group Trading Up 0.5 %

IBTX opened at $60.67 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group has a twelve month low of $36.47 and a twelve month high of $68.66. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.80 and a beta of 1.39. The company has a 50-day simple moving average of $63.47 and a 200 day simple moving average of $57.90.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same quarter in the prior year, the business posted $0.79 EPS. Analysts predict that Independent Bank Group will post 2.7 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s payout ratio is -14.53%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Magnetar Financial LLC acquired a new position in Independent Bank Group in the 2nd quarter valued at approximately $14,146,000. FMR LLC grew 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 worth $214,816,000 after purchasing an additional 279,112 shares during the last quarter. Silver Lake Advisory LLC bought a new position in Independent Bank Group during the 2nd quarter worth $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 position in shares of Independent Bank Group by 15.5% in the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock valued at $17,554,000 after buying 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.