Independent Bank Group (NASDAQ:IBTX) Sets New 52-Week High – Time to Buy?

Independent Bank Group, Inc. (NASDAQ:IBTX) hit a new 52-week high during trading on Monday . The company traded as high as $67.96 and last traded at $67.89, with a volume of 4360 shares changing hands. The stock had previously closed at $65.49.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Truist Financial lowered their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, StockNews.com assumed coverage on Independent Bank Group in a report on Friday, November 22nd. They issued a “sell” rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Trading Down 0.1 %

The firm’s fifty day simple moving average is $60.05 and its two-hundred day simple moving average is $53.61. 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 (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). The business had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same quarter in the prior year, the company posted $0.79 earnings per share. Equities analysts expect that Independent Bank Group, Inc. will post 2.7 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is presently -14.53%.

Institutional Trading of Independent Bank Group

Several institutional investors and hedge funds have recently bought and sold shares of IBTX. Blue Trust Inc. boosted its stake in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after buying an additional 820 shares during the period. CIBC Asset Management Inc acquired a new position in shares of Independent Bank Group in the 3rd quarter worth approximately $204,000. Hancock Whitney Corp purchased a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $222,000. AQR Capital Management LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at approximately $212,000. Finally, Everence Capital Management Inc. purchased a new stake in Independent Bank Group in the third quarter valued at approximately $273,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.