Independent Bank Group (NASDAQ:IBTX) Coverage Initiated at StockNews.com

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

A number of other brokerages have also recently issued reports on IBTX. Truist Financial reduced their price objective on shares of Independent Bank Group from $50.00 to $48.00 and set a hold rating for the company in a report on Monday, July 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank Group from $46.00 to $57.00 and gave the company an outperform rating in a report on Tuesday, July 9th. Hovde Group cut their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a report on Wednesday, April 24th. Stephens restated an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. Finally, Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and boosted their price target for the stock from $38.00 to $58.00 in a report on Friday, May 31st. One 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 company. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $53.83.

Independent Bank Group Trading Up 2.4 %

NASDAQ:IBTX opened at $59.59 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 23.55 and a beta of 1.41. The firm has a fifty day simple moving average of $47.06 and a two-hundred day simple moving average of $45.25. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $59.71.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same period last year, the company earned $0.82 earnings per share. Analysts expect that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

Institutional Trading of Independent Bank Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Howard Financial Services LTD. grew its stake in Independent Bank Group by 0.8% during the second quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after acquiring an additional 234 shares in the last quarter. NBC Securities Inc. grew its stake in Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after acquiring an additional 275 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in Independent Bank Group by 1.7% during the second 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 in the last quarter. Texas Permanent School Fund Corp grew its stake in Independent Bank Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 420 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Independent Bank Group by 7.4% during the first 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. Institutional investors 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.