Independent Bank Group (NASDAQ:IBTX) Receives New Coverage from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note released on Thursday. The brokerage 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 target price on Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a research note on Monday, July 29th. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and raised their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Finally, Truist Financial upped their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a hold rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $58.33.

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $58.83 on Thursday. Independent Bank Group has a 1-year low of $34.50 and a 1-year high of $61.76. The firm’s 50-day moving average price is $55.86 and its two-hundred day moving average price is $47.78. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 23.25 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The business had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. During the same period in the prior year, the company earned $0.82 EPS. On average, equities analysts predict that Independent Bank Group will post 2.86 earnings per share 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. Shareholders of record on Monday, August 5th were given a dividend of $0.38 per share. The ex-dividend date was Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.58%. Independent Bank Group’s payout ratio is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors have recently modified their holdings of the business. Magnetar Financial LLC acquired a new position in Independent Bank Group in the second quarter valued at approximately $14,146,000. Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter valued at $5,491,000. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank Group by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after purchasing an additional 39,091 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Independent Bank Group by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares during the period. Finally, Edgestream Partners L.P. grew its stake in shares of Independent Bank Group by 72.0% during the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after purchasing an additional 28,579 shares during the period. Institutional investors and hedge funds 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.