Independent Bank Group (NASDAQ:IBTX) Reaches New 52-Week High – Here’s Why

Independent Bank Group, Inc. (NASDAQ:IBTX) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $63.72 and last traded at $63.64, with a volume of 5514 shares trading hands. The stock had previously closed at $57.75.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Truist Financial lowered their price target 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. StockNews.com started coverage on shares of Independent Bank Group in a report on Wednesday. They issued a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Price Performance

The company has a market cap of $2.66 billion, a P/E ratio of -6.14 and a beta of 1.38. The firm’s 50-day moving average is $58.17 and its two-hundred day moving average is $51.37. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter last year, the firm earned $0.79 earnings per share. Analysts anticipate that Independent Bank Group, Inc. will post 2.51 earnings per share for the current year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.37%. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after buying an additional 39,091 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Independent Bank Group in the 2nd quarter worth about $14,146,000. Bessemer Group Inc. boosted its stake in shares of Independent Bank Group by 6.8% during the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock worth $10,357,000 after purchasing an additional 14,534 shares during the period. Silver Lake Advisory LLC bought a new position in Independent Bank Group during the 2nd quarter valued at about $5,491,000. Finally, Empowered Funds LLC raised its position in Independent Bank Group by 8.1% in the 1st quarter. Empowered Funds LLC now owns 111,914 shares of the bank’s stock worth $5,109,000 after purchasing an additional 8,400 shares during the period. 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.