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

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

A number of other brokerages have also commented on IBTX. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Finally, Truist Financial boosted their price target on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $58.17.

Independent Bank Group Stock Performance

IBTX opened at $57.40 on Tuesday. The firm’s fifty day moving average is $53.15 and its two-hundred day moving average is $46.65. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $2.38 billion, a PE ratio of 22.69 and a beta of 1.41. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $60.53.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The company had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. During the same period last year, the business posted $0.82 earnings per share. Equities research analysts anticipate that Independent Bank Group will post 2.86 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Independent Bank Group by 7.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after acquiring an additional 28,395 shares during the period. BNP Paribas Financial Markets increased its position in Independent Bank Group by 33.0% in the 4th quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock valued at $1,271,000 after acquiring an additional 6,203 shares during the period. Dimensional Fund Advisors LP increased its position in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares during the period. Weil Company Inc. acquired a new position in Independent Bank Group in the 4th quarter valued at approximately $252,000. Finally, Relative Value Partners Group LLC acquired a new position in Independent Bank Group in the 4th quarter valued at approximately $217,000. Institutional investors and hedge funds 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.