Independent Bank Group (NASDAQ:IBTX) Sees Large Volume Increase – Still a Buy?

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) saw an uptick in trading volume on Tuesday . 486,023 shares were traded during trading, an increase of 98% from the previous session’s volume of 245,372 shares.The stock last traded at $60.64 and had previously closed at $60.39.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Truist Financial cut their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. StockNews.com assumed coverage on Independent Bank Group in a research note on Wednesday. They issued a “sell” rating for the company. Finally, Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Independent Bank Group has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Performance

The company has a 50-day moving average of $63.23 and a 200 day moving average of $57.26. The firm has a market capitalization of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter last year, the company posted $0.79 earnings per share. Equities research analysts predict that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.51%. Independent Bank Group’s dividend payout ratio is presently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of Independent Bank Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 66,746 shares of the bank’s stock valued at $3,849,000 after buying an additional 10,307 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Independent Bank Group by 1.8% during the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock worth $50,697,000 after acquiring an additional 15,447 shares in the last quarter. Barclays PLC lifted its holdings in shares of Independent Bank Group by 71.9% in the 3rd quarter. Barclays PLC now owns 79,414 shares of the bank’s stock worth $4,578,000 after acquiring an additional 33,213 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Independent Bank Group in the 3rd quarter valued at $314,000. Finally, Jane Street Group LLC grew its holdings in shares of Independent Bank Group by 76.3% during the 3rd quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after purchasing an additional 26,414 shares during the last quarter. 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.