Independent Bank Group (NASDAQ:IBTX) Receives New Coverage from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report issued on Wednesday. The brokerage issued a sell rating on the bank’s stock.

Several other research analysts have also commented on IBTX. Truist Financial raised their price target on shares of Independent Bank Group from $48.00 to $65.00 and gave the company a hold rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a research report on Monday, July 29th. Finally, Piper Sandler raised shares of Independent Bank Group from an underweight rating to an overweight rating and raised their price target for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Independent Bank Group has a consensus rating of Hold and a consensus price target of $58.17.

Independent Bank Group Trading Up 3.9 %

Shares of IBTX stock opened at $57.07 on Wednesday. The firm has a market cap of $2.36 billion, a P/E ratio of 22.56 and a beta of 1.38. Independent Bank Group has a 1-year low of $34.50 and a 1-year high of $60.53. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm’s 50-day simple moving average is $54.65 and its 200-day simple moving average is $47.21.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The business had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. During the same period in the prior year, the firm posted $0.82 EPS. As a group, equities analysts forecast that Independent Bank Group will post 2.86 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently modified their holdings of IBTX. Charles Schwab Investment Management Inc. raised its stake in shares of Independent Bank Group by 7.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after purchasing an additional 28,395 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Independent Bank Group by 33.0% during the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 6,203 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares in the last quarter. Weil Company Inc. bought a new stake in Independent Bank Group in the fourth quarter worth about $252,000. Finally, Relative Value Partners Group LLC bought a new stake in Independent Bank Group in the fourth quarter worth about $217,000. 77.90% of the stock is currently 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.