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

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

IBTX has been the topic of a number of other reports. Keefe, Bruyette & Woods raised their price target on shares of 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 upped their price target on shares of Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $58.33.

Independent Bank Group Stock Performance

Shares of NASDAQ:IBTX opened at $61.44 on Friday. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $62.25. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 24.28 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The company’s 50 day simple moving average is $56.71 and its 200 day simple moving average is $49.44.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the previous year, the firm earned $0.82 EPS. As a group, research analysts predict that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed 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 of this dividend was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.47%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after acquiring an additional 22,245 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares in the last quarter. Magnetar Financial LLC purchased a new position in shares of Independent Bank Group during the second quarter valued at approximately $14,146,000. Bessemer Group Inc. grew its holdings in Independent Bank Group by 6.8% during the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock worth $10,357,000 after buying an additional 14,534 shares in the last quarter. Finally, Silver Lake Advisory LLC purchased a new stake in Independent Bank Group in the 2nd quarter valued at $5,491,000. 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.