Independent Bank Group (NASDAQ:IBTX) Coverage Initiated by Analysts at StockNews.com

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

IBTX has been the subject of several other research reports. Truist Financial decreased their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. One 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $57.83.

Independent Bank Group Stock Up 14.9 %

Shares of NASDAQ:IBTX opened at $66.33 on Wednesday. The business has a 50-day moving average price of $58.05 and a 200 day moving average price of $51.28. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -6.34 and a beta of 1.38. Independent Bank Group has a 12-month low of $35.25 and a 12-month high of $66.41.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same quarter in the previous year, the business posted $0.79 EPS. Sell-side analysts expect that Independent Bank Group will post 2.51 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.29%. The ex-dividend date is Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is -14.53%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group in the second quarter valued at approximately $5,491,000. Edgestream Partners L.P. increased its holdings in shares of Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after purchasing an additional 28,579 shares during the period. Bessemer Group Inc. increased its holdings in shares of Independent Bank Group by 6.8% in the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after purchasing an additional 14,534 shares during the period. Water Island Capital LLC purchased a new stake in shares of Independent Bank Group in the second quarter valued at approximately $806,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group in the second quarter valued at approximately $14,146,000. Institutional investors and hedge funds 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.