Independent Bank Group (NASDAQ:IBTX) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report released on Friday. The brokerage issued a sell rating on the bank’s stock.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial reduced their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. One equities research 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’s stock. According to MarketBeat, Independent Bank Group presently has a consensus rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Up 0.5 %

Shares of NASDAQ IBTX opened at $60.67 on Friday. The stock has a market capitalization of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group has a 12-month low of $36.47 and a 12-month high of $68.66. The stock’s fifty day simple moving average is $63.39 and its two-hundred day simple moving average is $58.57.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same quarter last year, the firm earned $0.79 EPS. As a group, analysts expect that Independent Bank Group will post 2.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Independent Bank Group

Large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in 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 during the last quarter. American Century Companies Inc. lifted its holdings in shares of Independent Bank Group by 12.0% during the second quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock worth $2,951,000 after purchasing an additional 6,951 shares during the period. Dimensional Fund Advisors LP boosted its position in Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after buying an additional 39,091 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Independent Bank Group by 45.3% in the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock worth $2,378,000 after buying an additional 16,300 shares during the period. Finally, Intech Investment Management LLC purchased a new position in Independent Bank Group during the 2nd quarter worth approximately $371,000. 77.90% of the stock is owned by hedge funds and other 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.