Independent Bank Group (NASDAQ:IBTX) Research Coverage Started at StockNews.com

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

Several other equities analysts also recently commented on IBTX. Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial cut their target price 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 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.33.

Independent Bank Group Trading Down 5.9 %

NASDAQ:IBTX opened at $60.25 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $2.50 billion, a PE ratio of -5.76 and a beta of 1.39. The stock’s 50-day moving average is $62.94 and its two-hundred day moving average is $56.05. Independent Bank Group has a fifty-two week low of $36.47 and a fifty-two week high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate 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 business had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same quarter last year, the company earned $0.79 EPS. As a group, equities research analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is -14.53%.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently modified their holdings of the stock. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $5,491,000. Water Island Capital LLC acquired a new position in Independent Bank Group during the 2nd quarter worth about $806,000. Magnetar Financial LLC bought a new stake in Independent Bank Group during the 2nd quarter worth about $14,146,000. Hennessy Advisors Inc. bought a new position in Independent Bank Group in the 2nd quarter worth approximately $228,000. Finally, Renaissance Technologies LLC lifted its holdings in Independent Bank Group by 45.3% during the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock worth $2,378,000 after buying an additional 16,300 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.