Independent Bank Group, Inc. (NASDAQ:IBTX) Short Interest Update

Independent Bank Group, Inc. (NASDAQ:IBTX) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,930,000 shares, a growth of 11.6% from the October 31st total of 1,730,000 shares. Based on an average daily trading volume, of 192,300 shares, the days-to-cover ratio is presently 10.0 days. Approximately 5.4% of the company’s shares are short sold.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Magnetar Financial LLC bought a new position in Independent Bank Group during the second quarter worth about $14,146,000. FMR LLC boosted its stake in shares of Independent Bank Group by 8.1% during the 3rd quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after acquiring an additional 279,112 shares during the period. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $5,491,000. Edgestream Partners L.P. bought a new position in shares of Independent Bank Group in the third quarter valued at about $3,521,000. Finally, Westchester Capital Management LLC lifted its stake in shares of Independent Bank Group by 15.5% during the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after buying an additional 40,944 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Independent Bank Group Stock Down 0.6 %

Shares of IBTX traded down $0.37 during mid-day trading on Monday, hitting $66.55. 78,894 shares of the company’s stock were exchanged, compared to its average volume of 237,783. The company has a 50-day simple moving average of $60.66 and a 200 day simple moving average of $54.31. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $2.76 billion, a PE ratio of -6.35 and a beta of 1.38. Independent Bank Group has a 52 week low of $36.47 and a 52 week high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The business had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. On average, research analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current fiscal 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 paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.28%. Independent Bank Group’s dividend payout ratio is -14.53%.

Wall Street Analyst Weigh In

IBTX has been the subject of several recent analyst reports. Truist Financial lowered their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, StockNews.com started coverage on shares of Independent Bank Group in a research report on Saturday. They set a “sell” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $58.83.

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.