Independent Bank Group (NASDAQ:IBTX) Now Covered by StockNews.com

Equities research analysts at StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report issued on Saturday. The firm set a “sell” rating on the bank’s stock.

Several other research firms have also issued reports on IBTX. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Hovde Group decreased their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Finally, Truist Financial reissued a “hold” rating and set a $50.00 price target (up from $46.00) on shares of Independent Bank Group in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank Group has a consensus rating of “Hold” and an average price target of $52.33.

Independent Bank Group Stock Down 1.6 %

Shares of IBTX opened at $42.07 on Friday. The company has a 50-day simple moving average of $42.48 and a 200-day simple moving average of $45.12. The firm has a market capitalization of $1.74 billion, a P/E ratio of 16.63 and a beta of 1.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 52 week low of $34.30 and a 52 week high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the prior year, the business earned $1.07 earnings per share. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis. On average, equities research analysts expect that Independent Bank Group will post 2.56 earnings per share for the current year.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds have recently bought and sold shares of the company. NBC Securities Inc. raised its holdings in Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares during the period. Texas Permanent School Fund Corp raised its holdings in Independent Bank Group by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after purchasing an additional 420 shares during the period. ProShare Advisors LLC raised its holdings in Independent Bank Group by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock worth $333,000 after purchasing an additional 502 shares during the period. Tectonic Advisors LLC raised its holdings in Independent Bank Group by 3.7% in the fourth quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after purchasing an additional 609 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Independent Bank Group during the first quarter worth $30,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.