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

StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note released on Friday. The firm issued a sell rating on the bank’s stock.

Several other equities research analysts also recently issued reports on IBTX. Keefe, Bruyette & Woods increased their target price on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Truist Financial decreased their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. One 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $60.33.

Independent Bank Group Trading Up 0.5 %

Shares of Independent Bank Group stock opened at $60.67 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. Independent Bank Group has a 52-week low of $36.47 and a 52-week high of $68.66. The stock’s 50-day simple moving average is $63.39 and its 200 day simple moving average is $58.75.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). The business had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same period last year, the firm earned $0.79 EPS. As a group, research analysts anticipate that Independent Bank Group will post 2.7 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Magnetar Financial LLC bought a new stake in shares of Independent Bank Group during the 2nd quarter valued at about $14,146,000. FMR LLC raised its stake in Independent Bank Group by 8.1% in the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after purchasing an additional 279,112 shares in the last quarter. Silver Lake Advisory LLC bought a new stake in Independent Bank Group during the second quarter valued at approximately $5,491,000. Edgestream Partners L.P. purchased a new position in Independent Bank Group in the 3rd quarter worth approximately $3,521,000. Finally, Westchester Capital Management LLC increased its holdings in shares of Independent Bank Group by 15.5% in the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after buying an additional 40,944 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other 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.