Independent Bank Group, Inc. (NASDAQ:IBTX) Sees Significant Growth in Short Interest

Independent Bank Group, Inc. (NASDAQ:IBTX) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,940,000 shares, a growth of 8.4% from the August 15th total of 1,790,000 shares. Based on an average daily trading volume, of 220,300 shares, the short-interest ratio is presently 8.8 days. Approximately 5.4% of the company’s shares are short sold.

Analyst Ratings Changes

IBTX has been the subject of a number of research analyst reports. Truist Financial lifted their price target on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their target price for the company from $38.00 to $58.00 in a report on Friday, May 31st. StockNews.com started coverage on Independent Bank Group in a research report on Thursday. They set a “sell” rating for the company. Finally, Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $58.17.

Independent Bank Group Price Performance

Shares of IBTX stock opened at $59.48 on Thursday. Independent Bank Group has a one year low of $34.50 and a one year high of $61.61. The stock’s fifty day simple moving average is $55.19 and its 200 day simple moving average is $47.46. 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 has a market cap of $2.46 billion, a price-to-earnings ratio of 23.51 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period last year, the firm earned $0.82 earnings per share. On average, analysts expect that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Howard Financial Services LTD. grew its stake in shares of Independent Bank Group by 0.8% in the second quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after acquiring an additional 234 shares in the last quarter. NBC Securities Inc. lifted its holdings in shares of Independent Bank Group by 19.7% during the first 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. Louisiana State Employees Retirement System increased its stake in shares of Independent Bank Group by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock valued at $824,000 after buying an additional 300 shares during the period. Texas Permanent School Fund Corp increased its position in Independent Bank Group by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock valued at $1,435,000 after purchasing an additional 420 shares during the period. Finally, ProShare Advisors LLC boosted its stake in shares of Independent Bank Group by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after purchasing an additional 502 shares during the last quarter. 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.