Independent Bank Group (NASDAQ:IBTX) Receives New Coverage from Analysts at StockNews.com

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

IBTX has been the subject of several other reports. Stephens restated an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and lifted their price target for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a report on Wednesday, April 24th. Truist Financial dropped their price objective on shares of Independent Bank Group from $50.00 to $48.00 and set a hold rating on the stock in a report on Monday, July 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating on the stock in a report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $53.83.

Independent Bank Group Trading Up 1.0 %

IBTX stock opened at $49.82 on Tuesday. Independent Bank Group has a 1-year low of $34.50 and a 1-year high of $53.25. The firm has a market cap of $2.06 billion, a P/E ratio of 19.69 and a beta of 1.41. The business’s 50 day moving average is $44.43 and its 200-day moving average is $45.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. The firm had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The business’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.07 EPS. Equities analysts anticipate that Independent Bank Group will post 2.56 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors have recently made changes to their positions in IBTX. Tudor Investment Corp Et Al raised its position in shares of Independent Bank Group by 0.7% during the 3rd quarter. Tudor Investment Corp Et Al now owns 103,891 shares of the bank’s stock valued at $4,109,000 after purchasing an additional 728 shares during the period. Raymond James & Associates grew its stake in Independent Bank Group by 9.5% during the fourth quarter. Raymond James & Associates now owns 17,830 shares of the bank’s stock valued at $907,000 after acquiring an additional 1,548 shares in the last quarter. Tectonic Advisors LLC grew its stake in shares of Independent Bank Group by 3.7% in the 4th quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after buying an additional 609 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Independent Bank Group by 4.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,531 shares of the bank’s stock worth $841,000 after buying an additional 747 shares in the last quarter. Finally, Segment Wealth Management LLC bought a new stake in shares of Independent Bank Group in the 4th quarter worth about $259,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.