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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a note issued to investors on Saturday. The brokerage set a “sell” rating on the bank’s stock.

Several other brokerages have also recently commented on IBTX. 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 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Stock Performance

Shares of IBTX opened at $66.92 on Friday. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -6.40 and a beta of 1.38. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $60.66 and its two-hundred day moving average is $54.23. Independent Bank Group has a 52-week low of $36.47 and a 52-week high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results 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). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The company had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. During the same period in the prior year, the company earned $0.79 earnings per share. Analysts forecast that Independent Bank Group will post 2.7 EPS for the current fiscal year.

Institutional Trading of Independent Bank Group

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

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.