Independent Bank Group (NASDAQ:IBTX) Now Covered by StockNews.com

by · The Markets Daily

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX – Free Report) in a research note released on Thursday. The brokerage issued a sell rating on the bank’s stock.

A number of other equities research analysts have also issued reports on the stock. Truist Financial dropped their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $58.83.

Get Our Latest Analysis on Independent Bank Group

Independent Bank Group Stock Down 0.3 %

NASDAQ IBTX traded down $0.16 on Thursday, hitting $63.67. The company had a trading volume of 123,157 shares, compared to its average volume of 238,559. The company’s fifty day moving average price is $58.90 and its 200-day moving average price is $52.23. 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 has a 12-month low of $36.16 and a 12-month high of $67.92.

Independent Bank Group (NASDAQ:IBTX – Get Free Report) last released its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The business had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. During the same period in the previous year, the company earned $0.79 EPS. As a group, analysts anticipate that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.38 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.39%. Independent Bank Group’s payout ratio is currently -14.53%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of IBTX. Magnetar Financial LLC acquired a new position in Independent Bank Group in the second quarter valued at about $14,146,000. FMR LLC lifted its position in shares of Independent Bank Group by 8.1% during the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after purchasing an additional 279,112 shares in the last quarter. Silver Lake Advisory LLC acquired a new stake in shares of Independent Bank Group during the second quarter worth about $5,491,000. Edgestream Partners L.P. acquired a new stake in shares of Independent Bank Group during the third quarter worth about $3,521,000. Finally, Westchester Capital Management LLC lifted its position in shares of Independent Bank Group by 15.5% during the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after purchasing an additional 40,944 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

About Independent Bank Group

(Get Free Report)

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.

Further Reading