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

Stock analysts at StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report issued on Monday. The firm set a “sell” rating on the bank’s stock.

Several other brokerages have also issued reports on IBTX. Truist Financial upped their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. One 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $58.17.

Independent Bank Group Trading Up 5.8 %

Independent Bank Group stock opened at $57.82 on Monday. The stock has a market cap of $2.39 billion, a P/E ratio of 22.85 and a beta of 1.41. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $60.53. The firm’s fifty day moving average price is $50.87 and its 200-day moving average price is $45.97. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results 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 firm had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter in the prior year, the firm posted $0.82 earnings per share. Equities research analysts forecast that Independent Bank Group will post 2.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently modified their holdings of the company. 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 bought a new position in Independent Bank Group in the first quarter worth about $33,000. GAMMA Investing LLC bought a new position in Independent Bank Group in the fourth quarter worth about $47,000. NBC Securities Inc. raised its stake in Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after buying an additional 275 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Independent Bank Group in the first quarter worth about $203,000. 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.