StockNews.com Begins Coverage on Independent Bank Group (NASDAQ:IBTX)

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

IBTX has been the subject of a number of other research reports. Keefe, Bruyette & Woods raised their target price 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 reduced their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Independent Bank Group has an average rating of “Hold” and an average price target of $58.83.

Independent Bank Group Trading Down 0.3 %

Shares of NASDAQ IBTX traded down $0.16 during mid-day trading on Thursday, hitting $63.67. 123,157 shares of the company were exchanged, compared to its average volume of 238,559. 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 stock has a 50 day simple moving average of $58.90 and a 200-day simple moving average of $52.23. Independent Bank Group has a 1-year low of $36.16 and a 1-year high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $124.48 million. During the same period in the prior year, the business earned $0.79 earnings per share. Equities analysts predict that Independent Bank Group will post 2.51 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in shares of Independent Bank Group in the first quarter valued at $30,000. Blue Trust Inc. increased its position in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Independent Bank Group in the first quarter valued at $203,000. CIBC Asset Management Inc purchased a new position in shares of Independent Bank Group in the third quarter valued at $204,000. Finally, AQR Capital Management LLC purchased a new position in shares of Independent Bank Group in the second quarter valued at $212,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.