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

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

A number of other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Truist Financial dropped their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank Group presently has a consensus 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 company’s fifty day moving average is $59.88 and its 200-day moving average is $53.44. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 52 week low of $36.16 and a 52 week high of $67.92. The company has a market capitalization of $2.71 billion, a PE ratio of -6.26 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm 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 last year, the firm earned $0.79 earnings per share. Equities research analysts predict that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in Independent Bank Group by 1.8% in the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock valued at $50,697,000 after purchasing an additional 15,447 shares during the last quarter. Barclays PLC increased its stake in shares of Independent Bank Group by 71.9% in the 3rd quarter. Barclays PLC now owns 79,414 shares of the bank’s stock valued at $4,578,000 after acquiring an additional 33,213 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Independent Bank Group in the 3rd quarter valued at approximately $314,000. Jane Street Group LLC raised its position in shares of Independent Bank Group by 76.3% in the 3rd quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after acquiring an additional 26,414 shares during the period. Finally, Edgestream Partners L.P. bought a new position in Independent Bank Group during the 3rd quarter worth approximately $3,521,000. 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.