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

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

Several other brokerages also recently issued reports on IBTX. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial cut their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Up 0.8 %

Shares of NASDAQ:IBTX opened at $60.98 on Tuesday. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -5.83 and a beta of 1.39. Independent Bank Group has a 12 month low of $36.47 and a 12 month high of $68.66. 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 company has a 50-day moving average price of $63.08 and a 200 day moving average price of $56.61.

Independent Bank Group (NASDAQ:IBTX) last released its 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). The company 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 in the prior year, the firm posted $0.79 EPS. As a group, equities research analysts predict that Independent Bank Group will post 2.7 earnings per share for the current year.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.49%. Independent Bank Group’s payout ratio is -14.53%.

Institutional Trading of Independent Bank Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Louisiana State Employees Retirement System raised its holdings in shares of Independent Bank Group by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock valued at $824,000 after buying an additional 300 shares during the period. Versor Investments LP acquired a new position in shares of Independent Bank Group in the second quarter worth $1,296,000. Victory Capital Management Inc. raised its stake in shares of Independent Bank Group by 5.5% in the second quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock valued at $713,000 after acquiring an additional 810 shares in the last quarter. Texas Permanent School Fund Corp boosted its holdings in Independent Bank Group by 11.5% in the second quarter. Texas Permanent School Fund Corp now owns 35,042 shares of the bank’s stock valued at $1,595,000 after purchasing an additional 3,609 shares during the period. Finally, American Century Companies Inc. increased its holdings in Independent Bank Group by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock worth $2,951,000 after purchasing an additional 6,951 shares during the period. 77.90% of the stock is currently 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.