StockNews.com Begins Coverage on Independent Bank Group (NASDAQ:IBTX)

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

IBTX has been the subject of a number of other research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial cut their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $60.33.

Independent Bank Group Stock Up 0.5 %

Shares of IBTX opened at $60.67 on Friday. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.80 and a beta of 1.39. Independent Bank Group has a 52 week low of $36.47 and a 52 week high of $68.66. The stock’s 50-day moving average price is $63.39 and its 200-day moving average price is $58.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 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 in the prior year, the company posted $0.79 EPS. On average, sell-side analysts predict that Independent Bank Group will post 2.7 EPS for the current year.

Institutional Investors Weigh In On Independent Bank Group

Several institutional investors have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after acquiring an additional 820 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Independent Bank Group in the 3rd quarter valued at $204,000. Hancock Whitney Corp purchased a new position in Independent Bank Group in the 3rd quarter valued at $222,000. AQR Capital Management LLC acquired a new stake in Independent Bank Group during the 2nd quarter worth $212,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Independent Bank Group during the third quarter worth $273,000. 77.90% of the stock is currently 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.