StockNews.com Begins Coverage on Independent Bank Group (NASDAQ:IBTX)

Research analysts at StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report released on Monday. The firm set a “sell” rating on the bank’s stock.

A number of other brokerages have also issued reports on IBTX. Truist Financial restated a “hold” rating and issued a $50.00 target price (up previously from $46.00) on shares of Independent Bank Group in a research note on Wednesday, May 29th. Hovde Group reduced their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Stephens restated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods reduced their price objective on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Finally, Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $38.00 to $58.00 in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and an average price target of $52.33.

Independent Bank Group Stock Up 1.8 %

Independent Bank Group stock opened at $46.04 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 18.20 and a beta of 1.41. Independent Bank Group has a 1-year low of $34.30 and a 1-year high of $53.25. The business has a fifty day moving average price of $43.23 and a 200-day moving average price of $45.19.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter last year, the business posted $1.07 EPS. Equities research analysts forecast that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC boosted its holdings in Independent Bank Group by 10.1% in the 4th quarter. Hsbc Holdings PLC now owns 11,353 shares of the bank’s stock worth $584,000 after buying an additional 1,046 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in Independent Bank Group in the 3rd quarter worth about $6,326,000. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after buying an additional 40,112 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Independent Bank Group by 33.0% in the 4th quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock worth $1,271,000 after buying an additional 6,203 shares during the last quarter. Finally, First Dallas Securities Inc. acquired a new stake in Independent Bank Group in the 1st quarter worth about $1,061,000. Hedge funds and other institutional investors 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.