Independent Bank Group (NASDAQ:IBTX) Shares Gap Up Following Strong Earnings

Independent Bank Group, Inc. (NASDAQ:IBTX) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $41.87, but opened at $44.33. Independent Bank Group shares last traded at $41.49, with a volume of 20,477 shares trading hands.

The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the firm earned $1.07 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on IBTX shares. Truist Financial reduced their price objective on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a report on Monday, April 1st. Stephens reiterated an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Raymond James increased their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IBTX. GAMMA Investing LLC bought a new position in Independent Bank Group in the fourth quarter valued at approximately $47,000. NBC Securities Inc. bought a new position in Independent Bank Group in the third quarter valued at approximately $55,000. Signaturefd LLC lifted its stake in Independent Bank Group by 49.8% in the third quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after buying an additional 503 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after buying an additional 925 shares in the last quarter. Finally, Callahan Advisors LLC bought a new position in Independent Bank Group in the third quarter valued at approximately $201,000. Institutional investors own 77.90% of the company’s stock.

Independent Bank Group Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s 50 day simple moving average is $43.49 and its two-hundred day simple moving average is $43.63. The stock has a market cap of $1.66 billion, a P/E ratio of 38.62 and a beta of 1.33.

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.