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

StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued on Tuesday. The brokerage set a “sell” rating on the bank’s stock.

A number of other research firms also recently commented on IBTX. Truist Financial dropped their target price 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. Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One equities 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. Based on data from MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Up 0.3 %

Shares of IBTX stock opened at $60.47 on Tuesday. Independent Bank Group has a 1 year low of $36.47 and a 1 year high of $68.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The business’s fifty day moving average is $63.08 and its 200-day moving average is $56.49. The stock has a market cap of $2.51 billion, a PE ratio of -5.78 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm 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 firm earned $0.79 earnings per share. Equities analysts expect that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after purchasing an additional 820 shares during the period. CIBC Asset Management Inc purchased a new position in shares of Independent Bank Group during the third quarter valued at $204,000. AQR Capital Management LLC acquired a new position in Independent Bank Group during the second quarter valued at $212,000. Hancock Whitney Corp purchased a new stake in Independent Bank Group in the 3rd quarter worth about $222,000. Finally, Everence Capital Management Inc. purchased a new stake in Independent Bank Group in the 3rd quarter worth about $273,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.