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

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

IBTX has been the topic of several other reports. Hovde Group lowered their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research report on Wednesday, April 24th. Truist Financial raised their price target on Independent Bank Group from $48.00 to $65.00 and gave the company a hold rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a research report on Monday, July 29th. Piper Sandler raised shares of Independent Bank Group from an underweight rating to an overweight rating and increased their price objective for the company from $38.00 to $58.00 in a research note on Friday, May 31st. Finally, Stephens restated an overweight rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $58.17.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $52.44 on Friday. The stock’s 50-day moving average price is $49.03 and its 200 day moving average price is $45.54. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2.17 billion, a PE ratio of 20.73 and a beta of 1.41. Independent Bank Group has a 52-week low of $34.50 and a 52-week high of $60.53.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The business had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter in the prior year, the business earned $0.82 earnings per share. As a group, equities research analysts forecast that Independent Bank Group will post 2.69 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be given a dividend of $0.38 per share. The ex-dividend date is Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.90%. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IBTX. Howard Financial Services LTD. increased its stake in shares of Independent Bank Group by 0.8% in the second quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock worth $1,271,000 after buying an additional 234 shares during the last quarter. NBC Securities Inc. increased its stake in shares of Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after buying an additional 275 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Independent Bank Group by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after buying an additional 300 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Independent Bank Group by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after buying an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Independent Bank Group by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock worth $333,000 after buying an additional 502 shares during 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.