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

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

A number of other analysts also recently issued reports on IBTX. Hovde Group dropped their price target on Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a research report on Wednesday, April 24th. Truist Financial reissued a hold rating and issued a $50.00 price target (up previously from $46.00) on shares of Independent Bank Group in a research note on Wednesday, May 29th. Piper Sandler raised shares of Independent Bank Group from an underweight rating to an overweight rating and increased their price target for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a report on Friday, April 26th. Finally, Stephens reissued an overweight rating and issued a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $52.33.

Independent Bank Group Stock Performance

NASDAQ IBTX opened at $43.77 on Friday. The company’s 50 day simple moving average is $42.53 and its two-hundred day simple moving average is $44.80. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group has a 1 year low of $34.30 and a 1 year high of $53.25. The stock has a market capitalization of $1.81 billion, a PE ratio of 17.30 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same quarter last year, the business posted $1.07 earnings per share. The firm’s revenue was down 15.3% compared to the same quarter last year. Analysts predict that Independent Bank Group will post 2.56 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Trading of Independent Bank Group

Several hedge funds have recently added to or reduced their stakes in IBTX. Headlands Technologies LLC bought a new position in shares of Independent Bank Group during the first quarter valued at about $30,000. Fidelis Capital Partners LLC purchased a new stake in Independent Bank Group during the 1st quarter valued at about $33,000. GAMMA Investing LLC bought a new position in Independent Bank Group during the 4th quarter worth approximately $47,000. NBC Securities Inc. increased its stake in 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 period. Finally, PNC Financial Services Group Inc. lifted its position in Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after purchasing an additional 925 shares during the last quarter. 77.90% of the stock is 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.