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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note released on Monday morning. The brokerage issued a sell rating on the bank’s stock.

A number of other equities research analysts also recently issued reports on IBTX. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and lifted their price target for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Truist Financial reiterated a hold rating and set a $50.00 target price (up from $46.00) on shares of Independent Bank Group in a research report on Wednesday, May 29th. Stephens restated an overweight rating and issued a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Hovde Group lowered their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a report on Friday, April 26th. One investment 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. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $52.33.

Independent Bank Group Trading Down 1.6 %

Shares of IBTX stock opened at $45.30 on Monday. Independent Bank Group has a 1-year low of $34.30 and a 1-year high of $53.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The business’s fifty day moving average price is $43.32 and its 200 day moving average price is $45.19. The firm has a market capitalization of $1.87 billion, a PE ratio of 17.91 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The business had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. During the same period in the prior year, the company posted $1.07 EPS. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, sell-side analysts forecast that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s payout ratio is 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds have recently modified their holdings of the company. NBC Securities Inc. lifted its stake in shares of Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares during the period. Texas Permanent School Fund Corp boosted its holdings in shares of Independent Bank Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after purchasing an additional 420 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Independent Bank Group by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after purchasing an additional 502 shares during the period. Tectonic Advisors LLC increased its stake in Independent Bank Group by 3.7% in the fourth quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock valued at $875,000 after purchasing an additional 609 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Independent Bank Group during the first quarter worth about $30,000. 77.90% of the stock is 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.