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

Analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report issued to clients and investors on Tuesday. The firm set a “sell” rating on the bank’s stock.

IBTX has been the subject of several other research reports. Keefe, Bruyette & Woods increased their price objective 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. Truist Financial lowered their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Performance

IBTX stock opened at $60.98 on Tuesday. Independent Bank Group has a 1-year low of $36.47 and a 1-year high of $68.66. The business’s 50-day moving average price is $63.08 and its two-hundred day moving average price is $56.64. The firm has a market cap of $2.53 billion, a PE ratio of -5.83 and a beta of 1.39. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share 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 business had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. During the same quarter last year, the firm earned $0.79 EPS. As a group, research analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of large investors have recently modified their holdings of the business. Silver Lake Advisory LLC bought a new stake in Independent Bank Group during the second quarter worth about $5,491,000. Water Island Capital LLC bought a new stake in shares of Independent Bank Group during the 2nd quarter worth approximately $806,000. Magnetar Financial LLC acquired a new stake in shares of Independent Bank Group in the 2nd quarter valued at approximately $14,146,000. Renaissance Technologies LLC grew its stake in shares of 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 buying an additional 16,300 shares in the last quarter. Finally, Versor Investments LP bought a new position in shares of Independent Bank Group in the second quarter valued at $1,296,000. 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.