Independent Bank Group (NASDAQ:IBTX) Coverage Initiated by Analysts at StockNews.com

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

Other research analysts have also issued research reports about the company. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and increased their target price for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a report on Monday, July 29th. Finally, Truist Financial boosted their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the company a hold rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $58.17.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $61.00 on Thursday. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 24.11 and a beta of 1.38. The stock has a fifty day moving average of $55.45 and a 200 day moving average of $47.54. Independent Bank Group has a 52 week low of $34.50 and a 52 week high of $61.76. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The firm had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same period last year, the company posted $0.82 EPS. As a group, research analysts expect that Independent Bank Group will post 2.86 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.49%. Independent Bank Group’s payout ratio is presently 60.08%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group during the second quarter valued at approximately $14,146,000. Silver Lake Advisory LLC purchased a new stake in Independent Bank Group during the 2nd quarter valued at $5,491,000. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank Group by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after purchasing an additional 39,091 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of Independent Bank Group by 72.0% during the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after purchasing an additional 28,579 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other 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.