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

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

Other equities analysts have also recently issued reports about the company. Truist Financial boosted their target price on Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $57.83.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $57.91 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Group has a 52-week low of $34.50 and a 52-week high of $62.25. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 22.89 and a beta of 1.38. The business’s fifty day moving average is $57.41 and its 200 day moving average is $50.01.

Independent Bank Group (NASDAQ:IBTX) last released 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 negative net margin of 43.02% and a positive return on equity of 4.83%. The company had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Research analysts predict that Independent Bank Group will post 2.86 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Thursday, October 31st. Independent Bank Group’s payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Howard Financial Services LTD. boosted its holdings in shares of Independent Bank Group by 0.8% in the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock worth $1,271,000 after purchasing an additional 234 shares in the last quarter. NBC Securities Inc. boosted its holdings in shares of Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in Independent Bank Group by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock valued at $824,000 after acquiring an additional 300 shares during the period. Texas Permanent School Fund Corp boosted its holdings in Independent Bank Group by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 420 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Independent Bank Group by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after acquiring an additional 502 shares during the period. 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.