Independent Bank Group (NASDAQ:IBTX) Sees Strong Trading Volume – Time to Buy?

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) saw unusually-high trading volume on Tuesday . Approximately 486,023 shares changed hands during mid-day trading, an increase of 98% from the previous session’s volume of 245,372 shares.The stock last traded at $60.64 and had previously closed at $60.39.

Analyst Ratings Changes

IBTX has been the topic of several research reports. Truist Financial lowered their target price on 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. StockNews.com began coverage on shares of Independent Bank Group in a report on Tuesday, December 24th. They set a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Independent Bank Group currently has an average rating of “Hold” and a consensus target price of $60.33.

Independent Bank Group Stock Up 0.1 %

The company has a 50 day moving average of $63.13 and a 200-day moving average of $57.11. 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 company has a market cap of $2.50 billion, a P/E ratio of -5.78 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 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 company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same period in the previous year, the company earned $0.79 EPS. On average, equities analysts predict 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 issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s payout ratio is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

A number of large investors have recently modified their holdings of IBTX. Blue Trust Inc. raised its stake in shares of Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after acquiring an additional 820 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Independent Bank Group in the 3rd quarter valued at about $204,000. Hancock Whitney Corp purchased a new stake in Independent Bank Group during the 3rd quarter valued at about $222,000. AQR Capital Management LLC bought a new position in Independent Bank Group during the 2nd quarter worth approximately $212,000. Finally, Everence Capital Management Inc. purchased a new position in Independent Bank Group in the 3rd quarter worth approximately $273,000. 77.90% of the stock is owned by hedge funds and other 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.