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

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

Other equities analysts also recently issued research reports about the stock. Truist Financial dropped their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $60.60.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $60.67 on Friday. The company has a fifty day simple moving average of $62.66 and a two-hundred day simple moving average of $59.59. The company has a market cap of $2.51 billion, a price-to-earnings 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 has a 52 week low of $36.47 and a 52 week high of $68.66.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its position in Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after acquiring an additional 820 shares during the last quarter. Collier Financial purchased a new stake in Independent Bank Group in the fourth quarter valued at $75,000. KBC Group NV lifted its position in Independent Bank Group by 38.5% in the fourth quarter. KBC Group NV now owns 1,984 shares of the bank’s stock valued at $120,000 after acquiring an additional 552 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Independent Bank Group in the third quarter valued at about $204,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Independent Bank Group in the second quarter valued at about $212,000. 77.90% of the stock is 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.