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

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

A number of other brokerages also recently issued reports on IBTX. Keefe, Bruyette & Woods upped their price objective 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. Truist Financial reduced their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $57.83.

Independent Bank Group Trading Up 2.3 %

NASDAQ IBTX opened at $59.90 on Tuesday. 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 has a 52 week low of $34.50 and a 52 week high of $62.25. The business has a 50 day moving average price of $57.69 and a 200-day moving average price of $50.54. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 23.62 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results 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). The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.34%. During the same quarter in the prior year, the business earned $0.79 EPS. As a group, equities analysts expect that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors have recently added to or reduced their stakes in the business. Everence Capital Management Inc. bought a new position in shares of Independent Bank Group during the 3rd quarter valued at $273,000. Blue Trust Inc. boosted its position in Independent Bank Group by 1,576.9% during the third 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 period. Precedent Wealth Partners LLC purchased a new stake in Independent Bank Group during the third quarter valued at about $415,000. Water Island Capital LLC bought a new position in shares of Independent Bank Group during the second quarter valued at about $806,000. Finally, Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group in the second quarter worth about $5,491,000. 77.90% of the stock is currently 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.