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

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

Several other research analysts also recently issued reports on the stock. Truist Financial reduced their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $60.33.

Independent Bank Group Price Performance

NASDAQ:IBTX opened at $60.67 on Thursday. The company has a fifty day moving average price of $63.53 and a 200 day moving average price of $58.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group has a one year low of $36.47 and a one year high of $68.66. The stock has a market cap of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (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 firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same quarter last year, the business earned $0.79 EPS. Analysts anticipate that Independent Bank Group will post 2.7 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Institutional Trading of Independent Bank Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group during the 2nd quarter worth about $5,491,000. Water Island Capital LLC acquired a new position in Independent Bank Group during the second quarter valued at approximately $806,000. Magnetar Financial LLC acquired a new position in Independent Bank Group during the second quarter valued at approximately $14,146,000. Renaissance Technologies LLC increased its stake in Independent Bank Group by 45.3% in the second quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock valued at $2,378,000 after purchasing an additional 16,300 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock worth $3,520,000 after purchasing an additional 26,414 shares during the period. Institutional investors own 77.90% of the company’s stock.

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.