Independent Bank Group (NASDAQ:IBTX) Shares Gap Up Following Strong Earnings

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $41.87, but opened at $44.33. Independent Bank Group shares last traded at $41.49, with a volume of 20,477 shares trading hands.

The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. The company’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.07 earnings per share.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Stephens reiterated an “overweight” rating and issued a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Raymond James lifted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Finally, Truist Financial lowered their target price on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Independent Bank Group currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Institutional Trading of Independent Bank Group

Several institutional investors have recently made changes to their positions in IBTX. SG Americas Securities LLC grew its stake in shares of Independent Bank Group by 137.5% during the 3rd quarter. SG Americas Securities LLC now owns 23,217 shares of the bank’s stock valued at $918,000 after buying an additional 13,443 shares during the period. Callahan Advisors LLC acquired a new position in shares of Independent Bank Group during the 3rd quarter valued at $201,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Independent Bank Group by 1.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after acquiring an additional 295 shares in the last quarter. Tectonic Advisors LLC lifted its holdings in shares of Independent Bank Group by 96.9% during the 3rd quarter. Tectonic Advisors LLC now owns 16,596 shares of the bank’s stock valued at $656,000 after acquiring an additional 8,168 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Independent Bank Group by 5.8% during the 3rd quarter. Raymond James & Associates now owns 16,282 shares of the bank’s stock valued at $644,000 after acquiring an additional 891 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Price Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 38.62 and a beta of 1.33. The company’s fifty day moving average is $43.49 and its two-hundred day moving average is $43.63.

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.