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

Equities researchers at StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report released on Monday. The firm set a “sell” rating on the bank’s stock.

A number of other brokerages also recently weighed in on IBTX. Truist Financial reiterated a “hold” rating and issued a $50.00 target price (up from $46.00) on shares of Independent Bank Group in a report on Wednesday, May 29th. Stephens reiterated an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Piper Sandler upgraded 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 report on Friday, May 31st. Finally, Hovde Group dropped their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank Group has a consensus rating of “Hold” and an average price target of $52.33.

Independent Bank Group Trading Up 2.6 %

Shares of IBTX stock opened at $45.52 on Monday. Independent Bank Group has a twelve month low of $34.30 and a twelve month high of $53.25. The stock’s fifty day simple moving average is $43.06 and its 200 day simple moving average is $45.23. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.88 billion, a P/E ratio of 17.99 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The firm had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same period in the prior year, the company posted $1.07 EPS. The company’s revenue was down 15.3% on a year-over-year basis. As a group, sell-side analysts predict that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Institutional Trading of Independent Bank Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBTX. Vanguard Group Inc. boosted its position in Independent Bank Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after acquiring an additional 22,245 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after purchasing an additional 40,112 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after purchasing an additional 28,395 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in Independent Bank Group by 6.8% during the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after buying an additional 14,534 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.