Independent Bank Group (NASDAQ:IBTX) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note released on Saturday. The firm issued a sell rating on the bank’s stock.

IBTX has been the subject of a number of other reports. Keefe, Bruyette & Woods raised their price target on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Truist Financial reduced 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 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 company’s stock. Based on data from MarketBeat, Independent Bank Group currently has an average rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Trading Down 0.1 %

Shares of Independent Bank Group stock opened at $66.85 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $2.77 billion, a P/E ratio of -6.39 and a beta of 1.38. Independent Bank Group has a 52-week low of $36.47 and a 52-week high of $68.66. The stock’s 50-day simple moving average is $60.66 and its 200 day simple moving average is $54.31.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $124.48 million. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, research analysts anticipate that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is -14.53%.

Institutional Trading of Independent Bank Group

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. grew 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 worth $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Independent Bank Group in the 3rd quarter worth approximately $204,000. AQR Capital Management LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth $212,000. Hancock Whitney Corp purchased a new stake in shares of Independent Bank Group during the 3rd quarter valued at $222,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of Independent Bank Group during the 2nd quarter worth $228,000. 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.