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

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

A number of other analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Truist Financial raised their price objective on shares of Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $58.33.

Independent Bank Group Stock Up 1.6 %

Shares of NASDAQ:IBTX opened at $58.46 on Monday. The firm’s 50 day moving average price is $57.29 and its 200 day moving average price is $49.95. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 23.11 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $62.25. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The company had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period in the previous year, the business posted $0.79 EPS. As a group, equities research analysts predict that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds have recently modified their holdings of the business. Headlands Technologies LLC purchased a new position in shares of Independent Bank Group during the first quarter worth approximately $30,000. Fidelis Capital Partners LLC purchased a new position in Independent Bank Group in the 1st quarter valued at $33,000. Blue Trust Inc. grew its position in Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares during the last quarter. NBC Securities Inc. grew its position in Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Independent Bank Group in the 1st quarter valued at $203,000. 77.90% of the stock is currently owned by hedge funds and other 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.