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

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

Other equities research analysts also recently issued reports about the company. Truist Financial lifted their price objective on Independent Bank Group from $48.00 to $65.00 and gave the company a hold rating in a report on Monday, July 29th. Piper Sandler upgraded Independent Bank Group from an underweight rating to an overweight rating and upped their price target for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Keefe, Bruyette & Woods lifted their price objective on Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a report on Monday, July 29th. Stephens reaffirmed an overweight rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday, April 23rd. Finally, Hovde Group cut their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a report on Wednesday, April 24th. One research 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, the company presently has an average rating of Hold and an average price target of $58.17.

Independent Bank Group Stock Down 3.9 %

Shares of IBTX stock opened at $51.42 on Friday. Independent Bank Group has a one year low of $34.50 and a one year high of $60.53. 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 stock has a fifty day moving average price of $48.25 and a 200 day moving average price of $45.51. The stock has a market cap of $2.13 billion, a P/E ratio of 20.32 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data 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 the consensus estimate of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same period last year, the firm earned $0.82 EPS. Analysts predict that Independent Bank Group will post 2.69 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.96%. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

Institutional Trading of Independent Bank Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Silver Lake Advisory LLC acquired a new position in Independent Bank Group in the second quarter valued at about $5,491,000. Dimensional Fund Advisors LP grew its holdings in Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares during the period. The Manufacturers Life Insurance Company increased its stake in Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Edgestream Partners L.P. raised its holdings in Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after purchasing an additional 28,579 shares during the period. Finally, Versor Investments LP bought a new position in shares of Independent Bank Group during the second quarter worth $1,296,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.