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

Investment analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report issued on Tuesday. The brokerage set a “sell” rating on the bank’s stock.

A number of other brokerages have also commented on IBTX. Truist Financial decreased their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One equities 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Price Performance

NASDAQ:IBTX opened at $60.98 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group has a 12-month low of $36.47 and a 12-month high of $68.66. The stock’s 50 day moving average price is $63.08 and its two-hundred day moving average price is $56.64. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -5.83 and a beta of 1.39.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in Independent Bank Group by 1.8% during the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock worth $50,697,000 after buying an additional 15,447 shares in the last quarter. Barclays PLC grew its holdings in shares of Independent Bank Group by 71.9% during the 3rd quarter. Barclays PLC now owns 79,414 shares of the bank’s stock worth $4,578,000 after purchasing an additional 33,213 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Independent Bank Group during the 3rd quarter worth $314,000. Jane Street Group LLC increased its position in shares of Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock worth $3,520,000 after purchasing an additional 26,414 shares during the period. Finally, Edgestream Partners L.P. acquired a new position in Independent Bank Group in the third quarter valued at about $3,521,000. 77.90% of the stock is owned by institutional investors.

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.