Independent Bank Group (NASDAQ:IBTX) Now Covered by Analysts at StockNews.com

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

IBTX has been the topic of a number of other research reports. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Stock Up 1.3 %

Shares of NASDAQ:IBTX opened at $65.49 on Friday. The firm has a market cap of $2.71 billion, a P/E ratio of -6.26 and a beta of 1.38. Independent Bank Group has a 12-month low of $36.16 and a 12-month high of $67.92. The business has a fifty day simple moving average of $59.71 and a 200 day simple moving average of $53.10. 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 issued its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) 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 company had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. During the same quarter last year, the business earned $0.79 earnings per share. Analysts predict that Independent Bank Group will post 2.7 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s payout ratio is -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC increased its position in Independent Bank Group by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after buying an additional 502 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Independent Bank Group by 6.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 32,485 shares of the bank’s stock worth $1,482,000 after purchasing an additional 1,884 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Independent Bank Group by 6.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 22,033 shares of the bank’s stock worth $1,006,000 after purchasing an additional 1,273 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in shares of Independent Bank Group by 28.3% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock worth $3,703,000 after purchasing an additional 17,875 shares in the last quarter. Finally, Howard Financial Services LTD. grew its position in Independent Bank Group by 0.8% in the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 234 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.