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

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

Other equities research analysts have also issued research reports about the company. Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Truist Financial cut their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Independent Bank Group has a consensus rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $64.67 on Friday. The business has a 50-day moving average of $59.71 and a 200 day moving average of $53.10. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -6.18 and a beta of 1.38. Independent Bank Group has a 12 month low of $36.16 and a 12 month high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data 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 negative net margin of 43.45% and a positive return on equity of 4.49%. The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter in the previous year, the business posted $0.79 EPS. As a group, sell-side analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in shares of Independent Bank Group by 1.8% in the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock valued at $50,697,000 after buying an additional 15,447 shares in the last quarter. Barclays PLC boosted its stake in shares of Independent Bank Group by 71.9% in the third quarter. Barclays PLC now owns 79,414 shares of the bank’s stock valued at $4,578,000 after buying an additional 33,213 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Independent Bank Group in the third quarter valued at approximately $314,000. Jane Street Group LLC boosted its stake in shares of Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after buying an additional 26,414 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in shares of Independent Bank Group in the third quarter valued at approximately $3,521,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.