StockNews.com Initiates Coverage on Independent Bank Group (NASDAQ:IBTX)

Equities researchers at StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report issued to clients and investors on Friday. The brokerage set a “sell” rating on the bank’s stock.

Several other research analysts have also issued reports on the stock. Truist Financial increased their price target on shares of Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $38.00 to $58.00 in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Independent Bank Group currently has an average rating of “Hold” and an average price target of $58.33.

Independent Bank Group Stock Up 0.6 %

Shares of NASDAQ:IBTX opened at $56.63 on Friday. The firm has a market capitalization of $2.34 billion, a P/E ratio of 22.38 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a 50 day moving average price of $56.14 and a 200-day moving average price of $48.08. Independent Bank Group has a 52-week low of $34.50 and a 52-week high of $61.76.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same period in the prior year, the firm earned $0.82 earnings per share. As a group, equities research analysts anticipate that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. Water Island Capital LLC purchased a new position in Independent Bank Group in the 2nd quarter worth approximately $806,000. Silver Lake Advisory LLC bought a new stake in shares of Independent Bank Group in the 2nd quarter worth $5,491,000. AQR Capital Management LLC purchased a new position in shares of Independent Bank Group in the second quarter worth $212,000. Magnetar Financial LLC purchased a new position in shares of Independent Bank Group in the second quarter worth $14,146,000. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Independent Bank Group by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 79,245 shares of the bank’s stock valued at $3,607,000 after purchasing an additional 5,623 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

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.