Independent Bank Group (NASDAQ:IBTX) Now Covered by StockNews.com

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

Several other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Truist Financial cut their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $58.83.

Independent Bank Group Trading Down 0.4 %

Shares of NASDAQ:IBTX opened at $63.57 on Thursday. Independent Bank Group has a 12-month low of $36.16 and a 12-month high of $67.92. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $2.63 billion, a P/E ratio of -6.08 and a beta of 1.38. The firm has a fifty day moving average of $59.05 and a two-hundred day moving average of $52.40.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The firm had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter last year, the firm earned $0.79 EPS. On average, equities analysts expect that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors have recently made changes to their positions in IBTX. FMR LLC boosted its stake in Independent Bank Group by 8.1% during the 3rd quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after purchasing an additional 279,112 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Independent Bank Group by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 485,269 shares of the bank’s stock worth $27,981,000 after purchasing an additional 7,287 shares during the period. Magnetar Financial LLC acquired a new position in shares of Independent Bank Group during the second quarter valued at about $14,146,000. Finally, Westchester Capital Management LLC lifted its stake in shares of Independent Bank Group by 15.5% in the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock valued at $17,554,000 after buying an additional 40,944 shares during the period. 77.90% of the stock is currently 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.