Independent Bank Group (NASDAQ:IBTX) Sees Strong Trading Volume – Here’s Why

Independent Bank Group, Inc. (NASDAQ:IBTX) saw strong trading volume on Tuesday . 486,023 shares traded hands during mid-day trading, an increase of 98% from the previous session’s volume of 245,372 shares.The stock last traded at $60.64 and had previously closed at $60.39.

Analyst Ratings Changes

IBTX has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial lowered their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Finally, StockNews.com started coverage on shares of Independent Bank Group in a report on Wednesday. They issued a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $60.33.

Independent Bank Group Trading Up 0.5 %

The firm has a market cap of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39. The firm has a fifty day simple moving average of $63.23 and a two-hundred day simple moving average of $57.26. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly 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). The business had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the previous year, the business earned $0.79 EPS. Equities analysts forecast that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Institutional Trading of Independent Bank Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Magnetar Financial LLC purchased a new position in shares of Independent Bank Group in the 2nd quarter valued at approximately $14,146,000. FMR LLC raised its holdings in Independent Bank Group by 8.1% in the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after purchasing an additional 279,112 shares in the last quarter. Silver Lake Advisory LLC purchased a new position in Independent Bank Group during the second quarter valued at $5,491,000. Edgestream Partners L.P. bought a new stake in shares of Independent Bank Group during the 3rd quarter valued at $3,521,000. Finally, Westchester Capital Management LLC grew its position in shares of Independent Bank Group by 15.5% in the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after buying an additional 40,944 shares during the period. 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.