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

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

Several other analysts have also recently commented on IBTX. Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank Group presently has an average rating of “Hold” and an average price target of $60.33.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX opened at $60.67 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 52 week low of $36.47 and a 52 week high of $68.66. The firm has a market cap of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39. The firm’s fifty day moving average is $63.47 and its 200-day moving average is $57.90.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate 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 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 firm posted $0.79 earnings per share. Sell-side analysts predict that Independent Bank Group will post 2.7 earnings per share for the current year.

Institutional Trading of Independent Bank Group

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