Independent Bank Group (NASDAQ:IBTX) Sets New 52-Week High – Time to Buy?

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price reached a new 52-week high on Monday . The company traded as high as $67.96 and last traded at $67.89, with a volume of 4360 shares. The stock had previously closed at $65.49.

Analyst Ratings Changes

IBTX has been the subject of a number of research reports. StockNews.com began coverage on shares of Independent Bank Group in a research report on Friday, November 22nd. They set a “sell” rating for the company. Truist Financial decreased their price objective 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. Finally, Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $58.83.

Independent Bank Group Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50 day moving average price is $60.05 and its 200-day moving average price is $53.61.

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 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 business had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter in the prior year, the company posted $0.79 EPS. Sell-side analysts forecast that Independent Bank Group, Inc. 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. Investors 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 2.26%. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

A number of large investors have recently added to or reduced their stakes in IBTX. Blue Trust Inc. grew 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 purchasing an additional 820 shares during the period. CIBC Asset Management Inc acquired a new stake in Independent Bank Group in the 3rd quarter worth about $204,000. AQR Capital Management LLC purchased a new stake in Independent Bank Group during the 2nd quarter worth approximately $212,000. Hancock Whitney Corp purchased a new stake in Independent Bank Group during the 3rd quarter worth approximately $222,000. Finally, Hennessy Advisors Inc. acquired a new position in shares of Independent Bank Group during the second quarter valued at approximately $228,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.