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

Equities research analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report issued to clients and investors on Saturday. The firm set a “sell” rating on the bank’s stock.

IBTX has been the topic of a number of other research reports. Truist Financial dropped their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Independent Bank Group currently has a consensus rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Price Performance

Shares of IBTX opened at $66.92 on Friday. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -6.40 and a beta of 1.38. The stock’s fifty day moving average is $60.66 and its 200-day moving average is $54.23. Independent Bank Group has a one year low of $36.47 and a one year high of $68.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The company had revenue of $255.18 million for the quarter, compared to analyst estimates 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 in the prior year, the business earned $0.79 EPS. Equities analysts anticipate that Independent Bank Group will post 2.7 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Silver Lake Advisory LLC purchased a new stake in Independent Bank Group during the second quarter valued at about $5,491,000. Water Island Capital LLC purchased a new stake in shares of Independent Bank Group in the 2nd quarter valued at approximately $806,000. Magnetar Financial LLC acquired a new position in Independent Bank Group in the 2nd quarter worth approximately $14,146,000. Hennessy Advisors Inc. acquired a new position in Independent Bank Group in the 2nd quarter worth approximately $228,000. Finally, Renaissance Technologies LLC grew its position in Independent Bank Group by 45.3% during the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock worth $2,378,000 after purchasing an additional 16,300 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Company Profile

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.