Independent Bank Group, Inc. (NASDAQ:IBTX) Short Interest Update

Independent Bank Group, Inc. (NASDAQ:IBTX) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,940,000 shares, an increase of 8.4% from the August 15th total of 1,790,000 shares. Based on an average daily trading volume, of 220,300 shares, the short-interest ratio is currently 8.8 days. Approximately 5.4% of the company’s shares are short sold.

Independent Bank Group Stock Performance

Shares of NASDAQ:IBTX opened at $58.72 on Tuesday. The company has a market cap of $2.43 billion, a P/E ratio of 23.21 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Group has a one year low of $34.50 and a one year high of $60.53. The business’s 50-day simple moving average is $54.65 and its 200 day simple moving average is $47.24.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The company had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. During the same period in the previous year, the business earned $0.82 EPS. On average, sell-side analysts forecast that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were given a $0.38 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.59%. Independent Bank Group’s payout ratio is 60.08%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Silver Lake Advisory LLC bought a new stake in Independent Bank Group during the 2nd quarter valued at $5,491,000. Edgestream Partners L.P. raised its stake in Independent Bank Group by 72.0% during the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after acquiring an additional 28,579 shares in the last quarter. Bessemer Group Inc. raised its stake in Independent Bank Group by 6.8% during the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after acquiring an additional 14,534 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in Independent Bank Group during the 2nd quarter valued at $228,000. Finally, Dimensional Fund Advisors LP raised its stake in Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on IBTX. Truist Financial raised their price target on Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Keefe, Bruyette & Woods raised 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. Finally, StockNews.com began coverage on Independent Bank Group in a research note on Wednesday, September 11th. They issued a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $58.17.

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.