Independent Bank Group (NASDAQ:IBTX) Sets New 12-Month High at $61.61

Independent Bank Group, Inc. (NASDAQ:IBTX) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $61.61 and last traded at $60.99, with a volume of 84829 shares trading hands. The stock had previously closed at $59.20.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com started coverage on Independent Bank Group in a research note on Thursday. They issued a “sell” rating for the company. Truist Financial raised their target price on shares of Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods boosted their price target on shares of 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, Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Independent Bank Group presently has a consensus rating of “Hold” and a consensus price target of $58.33.

Independent Bank Group Trading Down 2.0 %

The company has a market capitalization of $2.47 billion, a PE ratio of 23.47 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The company’s fifty day moving average is $55.68 and its 200-day moving average is $47.63.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 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 firm had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. During the same period in the previous year, the company posted $0.82 EPS. On average, analysts anticipate that Independent Bank Group, Inc. will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently bought and sold shares of IBTX. Howard Financial Services LTD. lifted its holdings in shares of Independent Bank Group by 0.8% during the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 234 shares during the last quarter. NBC Securities Inc. raised its stake in Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Independent Bank Group by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after acquiring an additional 300 shares in the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Independent Bank Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after acquiring an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Independent Bank Group by 7.4% during the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock worth $333,000 after acquiring an additional 502 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.