Independent Bank Group (NASDAQ:IBTX) Reaches New 52-Week High – Here’s Why

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $63.72 and last traded at $63.64, with a volume of 5514 shares. The stock had previously closed at $57.75.

Analysts Set New Price Targets

Several research firms have commented on IBTX. Truist Financial reduced their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, StockNews.com assumed coverage on Independent Bank Group in a report on Wednesday. They set a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $57.83.

Independent Bank Group Stock Up 12.9 %

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 stock has a market cap of $2.70 billion, a PE ratio of -5.52 and a beta of 1.38. The business has a 50 day moving average price of $57.87 and a 200 day moving average price of $51.18.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The business had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same quarter in the prior year, the company posted $0.79 EPS. Equities research analysts expect that Independent Bank Group, Inc. will post 2.51 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.33%. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC acquired a new position in shares of Independent Bank Group during the first quarter valued at approximately $30,000. Fidelis Capital Partners LLC acquired a new position in shares of Independent Bank Group during the first quarter valued at approximately $33,000. Blue Trust Inc. raised its holdings in shares of Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after acquiring an additional 820 shares during the last quarter. CIBC Asset Management Inc acquired a new position in shares of Independent Bank Group during the third quarter valued at approximately $204,000. Finally, SG Americas Securities LLC acquired a new position in shares of Independent Bank Group during the first quarter valued at approximately $203,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.