Independent Bank Group (NASDAQ:IBTX) Reaches New 1-Year High – Time to Buy?

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $67.96 and last traded at $67.89, with a volume of 4360 shares changing hands. The stock had previously closed at $65.49.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. StockNews.com initiated coverage on shares of Independent Bank Group in a research note on Friday. They set a “sell” rating on the stock. Finally, Truist Financial lowered their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Independent Bank Group has a consensus rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Price Performance

The company’s 50-day moving average price is $59.88 and its 200-day moving average price is $53.44. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data 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 firm had revenue of $255.18 million for 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 period last year, the firm posted $0.79 earnings per share. As a group, sell-side analysts forecast that Independent Bank Group, Inc. will post 2.7 earnings per share for the current year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.25%. Independent Bank Group’s dividend payout ratio (DPR) is currently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Silver Lake Advisory LLC acquired a new stake in Independent Bank Group during the 2nd quarter worth $5,491,000. Water Island Capital LLC purchased a new stake in shares of Independent Bank Group in the second quarter valued at about $806,000. Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group in the second quarter valued at about $14,146,000. Hennessy Advisors Inc. purchased a new stake in shares of Independent Bank Group in the second quarter valued at about $228,000. Finally, Renaissance Technologies LLC boosted its holdings in Independent Bank Group by 45.3% during the second quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock worth $2,378,000 after buying an additional 16,300 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.