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

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report sent to investors on Sunday. The firm issued a sell rating on the bank’s stock.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a research report on Monday, July 29th. Truist Financial upped their price objective on Independent Bank Group from $65.00 to $66.00 and gave the stock a hold rating in a research note on Friday, September 20th. 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. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $58.33.

Independent Bank Group Price Performance

Shares of IBTX opened at $60.84 on Friday. The firm has a fifty day simple moving average of $56.51 and a two-hundred day simple moving average of $49.36. The firm has a market cap of $2.52 billion, a PE ratio of 24.05 and a beta of 1.38. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Group has a 1-year low of $34.50 and a 1-year high of $61.87.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The business had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. During the same period last year, the firm posted $0.82 earnings per share. On average, equities analysts anticipate that Independent Bank Group will post 2.86 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group in the second quarter worth $5,491,000. Edgestream Partners L.P. increased its holdings in Independent Bank Group by 72.0% in the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after acquiring an additional 28,579 shares during the last quarter. Bessemer Group Inc. lifted its stake in Independent Bank Group by 6.8% in 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 in the last quarter. Water Island Capital LLC bought a new position in shares of Independent Bank Group during the 2nd quarter valued at about $806,000. Finally, Magnetar Financial LLC purchased a new position in shares of Independent Bank Group during the second quarter valued at about $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.