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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report sent to investors on Thursday. The firm issued a sell rating on the bank’s stock.

A number of other brokerages have also recently issued reports on IBTX. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial reduced their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $60.33.

Independent Bank Group Stock Up 0.5 %

NASDAQ:IBTX opened at $60.67 on Thursday. Independent Bank Group has a twelve month low of $36.47 and a twelve month high of $68.66. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.80 and a beta of 1.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The stock’s 50 day moving average price is $63.47 and its two-hundred day moving average price is $57.90.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Equities research analysts expect that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.51%. Independent Bank Group’s dividend payout ratio (DPR) is currently -14.53%.

Institutional Trading of Independent Bank Group

Several hedge funds have recently added to or reduced their stakes in IBTX. Magnetar Financial LLC acquired a new stake in shares of Independent Bank Group during the second quarter worth $14,146,000. FMR LLC increased its position in 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 acquiring an additional 279,112 shares during the period. Silver Lake Advisory LLC acquired a new stake in Independent Bank Group in the 2nd quarter worth about $5,491,000. Edgestream Partners L.P. bought a new stake in Independent Bank Group in the 3rd quarter valued at about $3,521,000. Finally, Westchester Capital Management LLC boosted its holdings in Independent Bank Group by 15.5% in the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock valued at $17,554,000 after purchasing an additional 40,944 shares during the period. 77.90% of the stock is 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.