Short Interest in Independent Bank Group, Inc. (NASDAQ:IBTX) Increases By 7.4%

Independent Bank Group, Inc. (NASDAQ:IBTX) was the recipient of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 2,170,000 shares, an increase of 7.4% from the November 30th total of 2,020,000 shares. Based on an average daily trading volume, of 233,300 shares, the days-to-cover ratio is presently 9.3 days. Approximately 6.1% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IBTX. StockNews.com assumed coverage on shares of Independent Bank Group in a research report on Wednesday. They set a “sell” rating for the company. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Truist Financial dropped their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a 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 issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.33.

Independent Bank Group Stock Performance

NASDAQ IBTX opened at $60.67 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $63.18 and a 200 day simple moving average of $57.24. Independent Bank Group has a 12-month low of $36.47 and a 12-month high of $68.66. The company has a market cap of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last posted its 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 the consensus estimate of $124.48 million. During the same period in the previous year, the firm earned $0.79 earnings per share. Sell-side analysts predict that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business 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 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IBTX. Versor Investments LP grew its position in Independent Bank Group by 0.7% during the third quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock valued at $1,652,000 after buying an additional 186 shares during the period. Sei Investments Co. grew its position in shares of Independent Bank Group by 0.8% during the 2nd quarter. Sei Investments Co. now owns 63,573 shares of the bank’s stock valued at $2,894,000 after acquiring an additional 531 shares during the period. Victory Capital Management Inc. increased its stake in shares of Independent Bank Group by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock worth $713,000 after purchasing an additional 810 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares during the last quarter. Finally, Pathstone Holdings LLC raised its holdings in shares of Independent Bank Group by 6.6% in the 3rd quarter. Pathstone Holdings LLC now owns 27,102 shares of the bank’s stock worth $1,563,000 after purchasing an additional 1,688 shares during the period. Hedge funds and other 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.