Independent Bank Group (NASDAQ:IBTX) Now Covered by Analysts at StockNews.com

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

IBTX has been the subject of several other reports. Keefe, Bruyette & Woods reduced their price objective on Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a report on Friday, April 26th. Stephens reaffirmed an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Truist Financial reaffirmed a hold rating and set a $50.00 price objective (up from $46.00) on shares of Independent Bank Group in a report on Wednesday, May 29th. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and lifted their price objective for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Finally, Hovde Group reduced their price objective on Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Independent Bank Group currently has an average rating of Hold and an average target price of $52.33.

Independent Bank Group Stock Down 0.7 %

Independent Bank Group stock opened at $45.22 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group has a 1-year low of $34.30 and a 1-year high of $53.25. The company has a market cap of $1.87 billion, a PE ratio of 17.87 and a beta of 1.41. The stock’s 50 day moving average price is $43.12 and its 200 day moving average price is $45.21.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was down 15.3% compared to the same quarter last year. On average, sell-side analysts predict that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were paid a $0.38 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.36%. Independent Bank Group’s payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently added to or reduced their stakes in the business. Silvercrest Asset Management Group LLC increased its stake in Independent Bank Group by 28.3% in the first quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock valued at $3,703,000 after purchasing an additional 17,875 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Independent Bank Group by 6.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,033 shares of the bank’s stock valued at $1,006,000 after purchasing an additional 1,273 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Independent Bank Group by 6.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 32,485 shares of the bank’s stock valued at $1,482,000 after purchasing an additional 1,884 shares during the last quarter. Bessemer Group Inc. increased its stake in Independent Bank Group by 6.8% in the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after purchasing an additional 14,534 shares during the last quarter. Finally, Edgestream Partners L.P. increased its stake in Independent Bank Group by 72.0% in 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 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.