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

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

A number of other brokerages have also issued reports on IBTX. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial cut 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.33.

Independent Bank Group Price Performance

IBTX stock opened at $65.30 on Monday. The company has a market capitalization of $2.71 billion, a PE ratio of -6.24 and a beta of 1.39. The stock’s 50 day moving average is $62.79 and its two-hundred day moving average is $55.92. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. 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 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). The business had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the prior year, the business earned $0.79 EPS. Analysts predict that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.38 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.33%. Independent Bank Group’s dividend payout ratio is -14.53%.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors have recently modified their holdings of the stock. Blue Trust Inc. raised its stake in shares of Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Independent Bank Group in the 3rd quarter valued at $204,000. AQR Capital Management LLC bought a new position in shares of Independent Bank Group in the second quarter worth about $212,000. Hancock Whitney Corp acquired a new position in shares of Independent Bank Group during the third quarter worth approximately $222,000. Finally, Hennessy Advisors Inc. acquired a new position in Independent Bank Group during the 2nd quarter valued at $228,000. Institutional investors and hedge funds 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.