Independent Bank Group, Inc. (NASDAQ:IBTX) Short Interest Up 11.6% in October

Independent Bank Group, Inc. (NASDAQ:IBTX) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,730,000 shares, a growth of 11.6% from the October 15th total of 1,550,000 shares. Approximately 4.8% of the company’s stock are short sold. Based on an average daily trading volume, of 179,500 shares, the days-to-cover ratio is currently 9.6 days.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. StockNews.com initiated coverage on Independent Bank Group in a report on Thursday. They set a “sell” rating on the stock. Truist Financial dropped their price objective on shares of 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. Finally, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Price Performance

Shares of IBTX stock traded down $0.35 during trading on Monday, hitting $63.22. The company had a trading volume of 142,756 shares, compared to its average volume of 238,624. The firm has a market capitalization of $2.62 billion, a P/E ratio of -6.04 and a beta of 1.38. 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’s 50-day moving average price is $59.19 and its 200 day moving average price is $52.79. Independent Bank Group has a one year low of $36.16 and a one year high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly 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). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same quarter in the prior year, the business posted $0.79 EPS. Equities analysts expect that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

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 $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Versor Investments LP grew its holdings in shares of Independent Bank Group by 0.7% during the 3rd quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock valued at $1,652,000 after purchasing an additional 186 shares during the last quarter. Howard Financial Services LTD. increased its holdings in shares of Independent Bank Group by 0.8% during the second quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock worth $1,271,000 after buying an additional 234 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Independent Bank Group by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock valued at $824,000 after acquiring an additional 300 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Independent Bank Group by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after acquiring an additional 502 shares in the last quarter. Finally, Sei Investments Co. grew its position in Independent Bank Group by 0.8% during the 2nd quarter. Sei Investments Co. now owns 63,573 shares of the bank’s stock worth $2,894,000 after acquiring an additional 531 shares during the last quarter. 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.