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

Stock analysts at StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued on Sunday. The brokerage set a “sell” rating on the bank’s stock.

IBTX has been the subject of several other research reports. Keefe, Bruyette & Woods lifted their price target on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Truist Financial upped their target price on Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Hovde Group lowered their price objective on 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. Finally, Stephens reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.17.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $55.44 on Friday. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $60.53. The stock has a fifty day moving average of $49.60 and a 200-day moving average of $45.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $2.29 billion, a PE ratio of 21.89 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last posted its 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 period in the previous year, the business earned $0.82 earnings per share. Equities research analysts anticipate that Independent Bank Group will post 2.69 earnings per share for the current year.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors have recently bought and sold shares of IBTX. Raymond James & Associates increased its stake in Independent Bank Group by 9.5% in the 4th quarter. Raymond James & Associates now owns 17,830 shares of the bank’s stock worth $907,000 after buying an additional 1,548 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Independent Bank Group by 4.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,531 shares of the bank’s stock worth $841,000 after purchasing an additional 747 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Independent Bank Group during the fourth quarter valued at approximately $916,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Independent Bank Group by 17.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,182 shares of the bank’s stock valued at $416,000 after acquiring an additional 1,225 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Independent Bank Group during the fourth quarter valued at approximately $47,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.