Independent Bank Group (NASDAQ:IBTX) Hits New 12-Month High – What’s Next?

Independent Bank Group, Inc. (NASDAQ:IBTX) hit a new 52-week high during trading on Tuesday . The stock traded as high as $61.83 and last traded at $61.75, with a volume of 35765 shares trading hands. The stock had previously closed at $59.50.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IBTX. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Truist Financial lifted their price objective on Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, StockNews.com assumed coverage on shares of Independent Bank Group in a report on Sunday. They issued a “sell” rating on the stock. One investment 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, the company has an average rating of “Hold” and an average target price of $58.33.

Independent Bank Group Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $2.54 billion, a PE ratio of 24.30 and a beta of 1.38. The firm’s 50-day moving average is $56.89 and its 200 day moving average is $49.52.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data 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 firm had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the prior year, the company posted $0.82 earnings per share. As a group, research analysts anticipate that Independent Bank Group, Inc. will post 2.86 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC acquired a new stake in shares of Independent Bank Group during the first quarter worth $30,000. Fidelis Capital Partners LLC acquired a new stake in shares of Independent Bank Group during the 1st quarter valued at about $33,000. NBC Securities Inc. raised its holdings in Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares in the last quarter. SG Americas Securities LLC acquired a new position in Independent Bank Group in the 1st quarter valued at $203,000. Finally, AQR Capital Management LLC acquired a new position in shares of Independent Bank Group during the second quarter worth approximately $212,000. 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.