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

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

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Truist Financial dropped their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. One equities 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 company’s stock. Based on data from MarketBeat.com, Independent Bank Group currently has an average rating of “Hold” and an average target price of $58.83.

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $65.17 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $2.70 billion, a PE ratio of -6.23 and a beta of 1.38. The business’s 50-day moving average price is $58.31 and its 200-day moving average price is $51.61. Independent Bank Group has a 12 month low of $35.25 and a 12 month high of $66.41.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to the consensus estimate 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 period last year, the company posted $0.79 earnings per share. Sell-side analysts forecast that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Thursday, October 31st. Independent Bank Group’s dividend payout ratio is presently -14.53%.

Institutional Trading of Independent Bank Group

Several institutional investors have recently bought and sold shares of IBTX. Versor Investments LP increased its position in shares of Independent Bank Group by 0.7% during the third quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock valued at $1,652,000 after acquiring an additional 186 shares in the last quarter. Howard Financial Services LTD. increased its holdings in shares of Independent Bank Group by 0.8% in the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock worth $1,271,000 after purchasing an additional 234 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Independent Bank Group by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after purchasing an additional 300 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Independent Bank Group by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after purchasing an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Independent Bank Group by 7.4% during the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after purchasing an additional 502 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.