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

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

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods lowered their target price on Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a report on Friday, April 26th. Hovde Group cut their target price on Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a research report on Wednesday, April 24th. Truist Financial cut their price objective on Independent Bank Group from $50.00 to $48.00 and set a hold rating for the company in a research report on Monday, July 8th. Piper Sandler upgraded Independent Bank Group from an underweight rating to an overweight rating and increased their target price for the company from $38.00 to $58.00 in a report on Friday, May 31st. Finally, Stephens reissued an overweight rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. One research 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. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $53.83.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX opened at $49.82 on Tuesday. The business has a fifty day simple moving average of $44.43 and a 200-day simple moving average of $45.04. Independent Bank Group has a 52 week low of $34.50 and a 52 week high of $53.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.06 billion, a P/E ratio of 19.69 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter in the previous year, the firm posted $1.07 earnings per share. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. Equities research analysts forecast that Independent Bank Group will post 2.56 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new position in shares of Independent Bank Group during the first quarter valued at about $30,000. Fidelis Capital Partners LLC purchased a new position in shares of Independent Bank Group in the first quarter worth about $33,000. GAMMA Investing LLC bought a new stake in shares of Independent Bank Group in the fourth quarter valued at approximately $47,000. NBC Securities Inc. raised its position in shares of Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after purchasing an additional 275 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Independent Bank Group during the 1st quarter worth approximately $203,000. Institutional investors own 77.90% of the company’s stock.

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.