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

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

A number of other research analysts have also weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Truist Financial decreased their price objective 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Independent Bank Group presently has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $65.49 on Friday. Independent Bank Group has a 52 week low of $36.16 and a 52 week high of $67.92. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average price of $59.71 and a 200-day moving average price of $53.10. The company has a market cap of $2.71 billion, a PE ratio of -6.26 and a beta of 1.38.

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

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.38 per share. 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 2.32%. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its stake in shares of Independent Bank Group by 7.4% during the 1st 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 last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Independent Bank Group by 6.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 32,485 shares of the bank’s stock valued at $1,482,000 after purchasing an additional 1,884 shares during the period. Price T Rowe Associates Inc. MD increased its position in Independent Bank Group by 6.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,033 shares of the bank’s stock worth $1,006,000 after buying an additional 1,273 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Independent Bank Group by 28.3% in the first quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock valued at $3,703,000 after buying an additional 17,875 shares during the period. Finally, Howard Financial Services LTD. raised its stake in shares of Independent Bank Group by 0.8% in the second quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after buying an additional 234 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.