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

Equities researchers at StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Wednesday. The brokerage set a “sell” rating on the bank’s stock.

Several other equities analysts have also commented on IBTX. Truist Financial reduced their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.33.

Independent Bank Group Price Performance

IBTX stock opened at $60.67 on Wednesday. The firm has a 50 day simple moving average of $63.27 and a two-hundred day simple moving average of $57.29. The stock has a market cap of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39. Independent Bank Group has a one year low of $36.47 and a one year high of $68.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last announced its 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 company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same quarter last year, the firm posted $0.79 earnings per share. On average, analysts predict that Independent Bank Group will post 2.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares during the period. CIBC Asset Management Inc purchased a new stake in shares of Independent Bank Group during the third quarter worth about $204,000. AQR Capital Management LLC bought a new stake in shares of Independent Bank Group in the second quarter worth about $212,000. Hancock Whitney Corp bought a new stake in shares of Independent Bank Group in the third quarter worth about $222,000. Finally, Everence Capital Management Inc. purchased a new position in Independent Bank Group during the 3rd quarter valued at about $273,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.