Independent Bank Group (NASDAQ:IBTX) Sets New 12-Month High – Here’s What Happened

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $61.83 and last traded at $61.75, with a volume of 35765 shares changing hands. The stock had previously closed at $59.50.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price target on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Truist Financial lifted their target price on Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Finally, StockNews.com initiated coverage on Independent Bank Group in a research note on Sunday. They issued a “sell” rating on the stock. 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, Independent Bank Group presently has an average rating of “Hold” and an average target price of $58.33.

Independent Bank Group Stock Performance

The company has a fifty day moving average of $56.33 and a two-hundred day moving average of $49.25. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 23.52 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter in the previous year, the business posted $0.82 earnings per share. As a group, equities research analysts predict that Independent Bank Group, Inc. will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a dividend of $0.38 per share. The ex-dividend date was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.50%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after buying an additional 22,245 shares during the period. NBC Securities Inc. raised its stake in Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after acquiring an additional 275 shares in the last quarter. First Dallas Securities Inc. bought a new position in shares of Independent Bank Group in the first quarter worth about $1,061,000. Capstone Investment Advisors LLC acquired a new stake in shares of Independent Bank Group in the 1st quarter valued at approximately $441,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Independent Bank Group in the 1st quarter valued at approximately $33,000. 77.90% of the stock is currently owned by 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.