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

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

Several other research analysts have also commented on the company. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and raised their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Truist Financial cut their price objective on Independent Bank Group from $50.00 to $48.00 and set a hold rating on the stock in a research report on Monday, July 8th. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $46.00 to $57.00 and gave the company an outperform rating in a research report on Tuesday, July 9th. Hovde Group dropped their target price on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research report on Wednesday, April 24th. Finally, Stephens reaffirmed 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Independent Bank Group currently has an average rating of Hold and a consensus target price of $53.83.

Independent Bank Group Trading Up 2.4 %

Shares of IBTX opened at $59.59 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $2.47 billion, a P/E ratio of 23.55 and a beta of 1.41. The stock’s fifty day simple moving average is $47.06 and its 200 day simple moving average is $45.29. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $59.71.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. 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 company posted $0.82 earnings per share. On average, equities research analysts forecast that Independent Bank Group will post 2.56 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Monday, August 5th will be paid a $0.38 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.55%. Independent Bank Group’s payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. Howard Financial Services LTD. increased its holdings 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 in the last quarter. NBC Securities Inc. increased its holdings 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 buying an additional 275 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Independent Bank Group by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock valued at $824,000 after buying an additional 300 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of 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 valued at $1,435,000 after buying an additional 420 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Independent Bank Group by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after buying an additional 502 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.