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 firm issued a sell rating on the bank’s stock.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Truist Financial lowered their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. One 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 MarketBeat.com, Independent Bank Group has an average rating of “Hold” and an average price target of $58.83.

Independent Bank Group Trading Down 0.4 %

NASDAQ IBTX opened at $63.57 on Thursday. The stock has a market cap of $2.63 billion, a PE ratio of -6.08 and a beta of 1.38. Independent Bank Group has a 12 month low of $36.16 and a 12 month high of $67.92. The company’s 50-day moving average price is $59.05 and its 200-day moving average price is $52.61. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last issued its 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 positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. During the same period last year, the business posted $0.79 earnings per share. Equities research analysts forecast that Independent Bank Group will post 2.51 earnings per share for the current year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s payout ratio is currently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new position in shares of Independent Bank Group during the first quarter worth $30,000. Blue Trust Inc. boosted its stake in Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Independent Bank Group during the 1st quarter worth approximately $203,000. CIBC Asset Management Inc acquired a new position in Independent Bank Group during the 3rd quarter valued at approximately $204,000. Finally, AQR Capital Management LLC acquired a new position in Independent Bank Group during the 2nd quarter valued at approximately $212,000. Hedge funds and other institutional investors 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.