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

Equities researchers at StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued on Saturday. The brokerage set a “sell” rating on the bank’s stock.

Several other research analysts also recently issued reports on the company. Truist Financial reduced their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and an average target price of $60.60.

Independent Bank Group Stock Up 0.5 %

Shares of IBTX opened at $60.67 on Friday. The company has a market capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group has a one year low of $36.47 and a one year high of $68.66. The business’s 50 day simple moving average is $62.99 and its 200-day simple moving average is $59.29.

Hedge Funds Weigh In On Independent Bank Group

Large investors have recently modified their holdings of the business. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group during the 2nd quarter worth about $5,491,000. Water Island Capital LLC acquired a new position in shares of Independent Bank Group during the 2nd quarter worth about $806,000. JPMorgan Chase & Co. boosted its stake in shares of Independent Bank Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 66,746 shares of the bank’s stock worth $3,849,000 after buying an additional 10,307 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Independent Bank Group by 45.3% during the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock worth $2,378,000 after buying an additional 16,300 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in Independent Bank Group by 76.3% in the 3rd quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after purchasing an additional 26,414 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.