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

StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a note issued to investors on Wednesday. The brokerage set a “sell” rating on the bank’s stock.

Several other equities analysts have also weighed in on IBTX. Truist Financial decreased their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One 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 stock. According to MarketBeat.com, Independent Bank Group currently has an average rating of “Hold” and an average price target of $60.33.

Independent Bank Group Trading Up 0.5 %

NASDAQ IBTX opened at $60.67 on Wednesday. The business’s fifty day moving average is $63.27 and its 200-day moving average is $57.29. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.80 and a beta of 1.39. Independent Bank Group has a one year low of $36.47 and a one year high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same period in the prior year, the firm posted $0.79 EPS. Equities research analysts predict that Independent Bank Group will post 2.7 EPS for the current year.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently modified their holdings of IBTX. Versor Investments LP boosted its position in shares of Independent Bank Group by 0.7% in the third quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock valued at $1,652,000 after acquiring an additional 186 shares during the period. Sei Investments Co. boosted its holdings in Independent Bank Group by 0.8% in the 2nd quarter. Sei Investments Co. now owns 63,573 shares of the bank’s stock valued at $2,894,000 after purchasing an additional 531 shares during the period. Victory Capital Management Inc. grew its position in shares of Independent Bank Group by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock valued at $713,000 after purchasing an additional 810 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares during the period. Finally, Pathstone Holdings LLC raised its position in shares of Independent Bank Group by 6.6% in the third quarter. Pathstone Holdings LLC now owns 27,102 shares of the bank’s stock worth $1,563,000 after buying an additional 1,688 shares in the last quarter. 77.90% of the stock is currently owned by 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.