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

StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report sent to investors on Tuesday morning. The firm issued a sell rating on the bank’s stock.

Several other brokerages have also recently weighed in on IBTX. 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 note on Monday, July 29th. Truist Financial upped 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. Finally, Piper Sandler upgraded Independent Bank Group from an underweight rating to an overweight rating and raised their price objective for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $58.17.

Independent Bank Group Price Performance

Shares of IBTX opened at $55.86 on Tuesday. 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 cap of $2.31 billion, a PE ratio of 22.08 and a beta of 1.41. Independent Bank Group has a 12-month low of $34.50 and a 12-month high of $60.53. The business has a 50-day simple moving average of $53.62 and a two-hundred day simple moving average of $46.79.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The business had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. During the same quarter last year, the business earned $0.82 EPS. Analysts anticipate that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio is 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several large investors have recently added to or reduced their stakes in IBTX. Water Island Capital LLC acquired a new stake in shares of Independent Bank Group during the 2nd quarter worth approximately $806,000. Silver Lake Advisory LLC bought a new position in Independent Bank Group during the second quarter worth $5,491,000. AQR Capital Management LLC acquired a new stake in Independent Bank Group in the second quarter worth $212,000. Magnetar Financial LLC bought a new stake in Independent Bank Group in the second quarter valued at $14,146,000. Finally, Public Sector Pension Investment Board raised its holdings in shares of Independent Bank Group by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 79,245 shares of the bank’s stock valued at $3,607,000 after purchasing an additional 5,623 shares during the period. Institutional investors and hedge funds 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.