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

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

Other research analysts have also issued research reports about the company. Truist Financial boosted their price objective on Independent Bank Group from $48.00 to $65.00 and gave the company a hold rating in a research report on Monday, July 29th. Hovde Group dropped their price objective on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research note on Wednesday, April 24th. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and boosted their price objective for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a research note on Monday, July 29th. Finally, Stephens reissued an overweight rating and issued a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday, April 23rd. One 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. According to data from MarketBeat, the company has an average rating of Hold and an average target price of $58.17.

Independent Bank Group Price Performance

Independent Bank Group stock opened at $54.69 on Friday. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $60.53. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50 day simple moving average of $50.09 and a 200-day simple moving average of $45.74. The stock has a market capitalization of $2.26 billion, a PE ratio of 21.73 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter last year, the company earned $0.82 earnings per share. Equities analysts predict that Independent Bank Group will post 2.69 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in IBTX. Vanguard Group Inc. increased its holdings in shares of Independent Bank Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after buying an additional 22,245 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings 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 valued at $105,456,000 after purchasing an additional 39,091 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after purchasing an additional 28,395 shares during the period. Finally, Magnetar Financial LLC acquired a new stake in Independent Bank Group in the second quarter valued at $14,146,000. 77.90% of the stock is currently owned by institutional investors.

About Independent Bank Group

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.