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

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

A number of other brokerages have also weighed in on IBTX. Hovde Group decreased their target price on shares of 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. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and boosted their target price for the company from $38.00 to $58.00 in a research note on Friday, May 31st. Stephens reiterated an overweight rating and set a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a research note on Monday, July 29th. Finally, Truist Financial boosted their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the company a hold rating in a research note on Monday, July 29th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $58.17.

Independent Bank Group Stock Performance

IBTX stock opened at $53.50 on Friday. The stock has a market capitalization of $2.21 billion, a PE ratio of 21.15 and a beta of 1.41. Independent Bank Group has a 12-month low of $34.50 and a 12-month high of $60.53. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock’s 50 day simple moving average is $48.14 and its 200 day simple moving average is $45.55.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. The business had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same period in the prior year, the firm posted $0.82 EPS. As a group, research analysts forecast that Independent Bank Group will post 2.69 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.84%. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new stake in shares of Independent Bank Group in the 1st quarter worth $30,000. Fidelis Capital Partners LLC purchased a new stake in Independent Bank Group in the 1st quarter worth $33,000. GAMMA Investing LLC purchased a new stake in Independent Bank Group in the 4th quarter worth $47,000. NBC Securities Inc. increased its stake in Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after buying an additional 275 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Independent Bank Group in the 1st quarter worth $203,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.