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

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

Other equities research analysts have also issued reports about the stock. Truist Financial dropped their price objective on shares of 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 boosted their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $57.83.

Independent Bank Group Price Performance

NASDAQ IBTX opened at $58.53 on Tuesday. The firm’s fifty day simple moving average is $57.69 and its two-hundred day simple moving average is $50.54. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Group has a 12-month low of $34.50 and a 12-month high of $62.25. The firm has a market capitalization of $2.42 billion, a P/E ratio of 23.13 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.34% and a negative net margin of 43.45%. The firm had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same period in the prior year, the firm posted $0.79 earnings per share. Analysts forecast that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Thursday, October 31st. Independent Bank Group’s payout ratio is 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Independent Bank Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares during the last quarter. Magnetar Financial LLC purchased a new stake in Independent Bank Group in the second quarter valued at $14,146,000. Bessemer Group Inc. boosted its holdings 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, Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group in the second quarter worth about $5,491,000. 77.90% of the stock is 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.