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

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

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Truist Financial increased their price objective on Independent Bank Group from $48.00 to $65.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $58.33.

Independent Bank Group Trading Down 3.6 %

IBTX stock opened at $58.83 on Thursday. The business has a fifty day moving average price of $55.68 and a 200 day moving average price of $47.63. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $61.76. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 23.25 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The firm had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same period last year, the firm posted $0.82 EPS. Analysts expect that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. Headlands Technologies LLC bought a new position in shares of Independent Bank Group in the 1st quarter worth $30,000. Fidelis Capital Partners LLC bought a new position in shares of Independent Bank Group in the 1st quarter worth $33,000. NBC Securities Inc. boosted its position in shares of 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 purchasing an additional 275 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Independent Bank Group in the 1st quarter worth $203,000. Finally, AQR Capital Management LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth $212,000. 77.90% of the stock is currently owned by 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.