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

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

IBTX has been the topic of several other reports. Truist Financial decreased 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 report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Price Performance

Shares of IBTX opened at $65.49 on Friday. The company’s 50-day moving average is $59.88 and its 200-day moving average is $53.44. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $2.71 billion, a PE ratio of -6.26 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $36.16 and a fifty-two week high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The business had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. During the same quarter last year, the company posted $0.79 earnings per share. Equities analysts forecast that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.32%. Independent Bank Group’s payout ratio is presently -14.53%.

Institutional Trading of Independent Bank Group

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. Magnetar Financial LLC bought a new position in Independent Bank Group in the 2nd quarter valued at approximately $14,146,000. FMR LLC raised its stake 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 valued at $214,816,000 after acquiring an additional 279,112 shares during the last quarter. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group during the second quarter worth $5,491,000. Edgestream Partners L.P. bought a new stake in shares of Independent Bank Group in the third quarter worth $3,521,000. Finally, Westchester Capital Management LLC increased its holdings in Independent Bank Group by 15.5% in the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock valued at $17,554,000 after purchasing an additional 40,944 shares during the period. 77.90% of the stock is currently owned by institutional investors.

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.