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

Investment analysts at StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Friday. The firm set a “sell” rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. Truist Financial reduced their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $58.83.

Independent Bank Group Stock Performance

Shares of NASDAQ IBTX opened at $65.49 on Friday. The company has a 50 day simple moving average of $59.88 and a two-hundred day simple moving average of $53.27. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -6.26 and a beta of 1.38. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group has a 12 month low of $36.16 and a 12 month high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). The business had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same period in the previous year, the company posted $0.79 earnings per share. As a group, analysts predict that Independent Bank Group will post 2.7 earnings per share for the current year.

Hedge Funds Weigh In On Independent Bank Group

Large investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Independent Bank Group by 8.1% during the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after purchasing an additional 279,112 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Independent Bank Group by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after buying an additional 39,091 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Independent Bank Group by 1.8% during the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock valued at $50,697,000 after acquiring an additional 15,447 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Independent Bank Group by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 485,269 shares of the bank’s stock valued at $27,981,000 after acquiring an additional 7,287 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of Independent Bank Group in the second quarter worth approximately $14,146,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.