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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Monday. The firm issued a sell rating on the bank’s stock.

Several other brokerages have also recently issued reports on IBTX. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a research note on Monday, July 29th. Truist Financial increased their price target on Independent Bank Group from $48.00 to $65.00 and gave the stock a hold rating in a research report on Monday, July 29th. Finally, Piper Sandler upgraded Independent Bank Group from an underweight rating to an overweight rating and boosted their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $58.17.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $58.25 on Monday. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $60.53. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 23.02 and a beta of 1.41. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm’s fifty day simple moving average is $52.03 and its 200 day simple moving average is $46.31.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share 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 during the quarter, compared to the consensus estimate of $120.25 million. During the same period last year, the firm earned $0.82 earnings per share. As a group, equities research analysts expect that Independent Bank Group will post 2.69 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were given a dividend of $0.38 per share. The ex-dividend date was Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.61%. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Independent Bank Group by 17.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,182 shares of the bank’s stock worth $416,000 after buying an additional 1,225 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Independent Bank Group in the 4th quarter worth $47,000. Charles Schwab Investment Management Inc. lifted its stake in Independent Bank Group by 7.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after buying an additional 28,395 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Independent Bank Group by 33.0% in the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock worth $1,271,000 after buying an additional 6,203 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after buying an additional 40,112 shares during the period. 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.