Independent Bank Group (NASDAQ:IBTX) Reaches New 52-Week High at $56.79

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) hit a new 52-week high on Monday . The stock traded as high as $56.79 and last traded at $56.79, with a volume of 600 shares traded. The stock had previously closed at $54.09.

Wall Street Analysts Forecast Growth

IBTX has been the topic of a number of recent analyst reports. StockNews.com assumed coverage on Independent Bank Group in a research report on Wednesday, July 17th. They issued a “sell” rating on the stock. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $38.00 to $58.00 in a report on Friday, May 31st. Hovde Group lowered their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research report on Wednesday, April 24th. Stephens restated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Finally, Truist Financial decreased their target price on shares of Independent Bank Group from $50.00 to $48.00 and set a “hold” rating on the stock in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.83.

Independent Bank Group Stock Down 2.3 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s fifty day simple moving average is $46.45 and its two-hundred day simple moving average is $45.18. The stock has a market capitalization of $2.28 billion, a P/E ratio of 21.79 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Tuesday, April 23rd. 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 for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. Independent Bank Group’s revenue was down 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.07 earnings per share. As a group, research analysts expect that Independent Bank Group, Inc. will post 2.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Howard Financial Services LTD. increased its position in Independent Bank Group by 0.8% during the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 234 shares during the period. NBC Securities Inc. boosted its stake in shares of Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after purchasing an additional 275 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Independent Bank Group by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after buying an additional 300 shares during the period. Texas Permanent School Fund Corp raised its stake in Independent Bank Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after buying an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Independent Bank Group by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after buying an additional 502 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

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.