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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report sent to investors on Tuesday. The firm issued a sell rating on the bank’s stock.

Several other research analysts have also recently issued reports on IBTX. Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a research report on Monday, July 29th. Truist Financial lifted their price objective on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a hold rating in a report on Monday, July 29th. Finally, Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and increased their target price for the company from $38.00 to $58.00 in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Independent Bank Group has a consensus rating of Hold and a consensus price target of $58.17.

Independent Bank Group Stock Performance

IBTX opened at $55.86 on Tuesday. Independent Bank Group has a 1-year low of $34.50 and a 1-year high of $60.53. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 22.08 and a beta of 1.41. The company’s fifty day moving average price is $53.62 and its two-hundred day moving average price is $46.79. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same quarter in the prior year, the business posted $0.82 EPS. On average, analysts expect that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Silver Lake Advisory LLC bought a new stake in shares of Independent Bank Group in the 2nd quarter worth approximately $5,491,000. Edgestream Partners L.P. lifted its position in shares of Independent Bank Group by 72.0% during the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after buying an additional 28,579 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Independent Bank Group by 6.8% during the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock worth $10,357,000 after acquiring an additional 14,534 shares during the period. Hennessy Advisors Inc. purchased a new stake in Independent Bank Group in the 2nd quarter worth about $228,000. Finally, Dimensional Fund Advisors LP raised its stake in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.