Independent Bank Group (NASDAQ:IBTX) Shares Gap Down Following Weak Earnings

Independent Bank Group, Inc. (NASDAQ:IBTX)’s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $57.53, but opened at $56.15. Independent Bank Group shares last traded at $57.85, with a volume of 6,148 shares changing hands.

The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The company had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. During the same quarter last year, the business earned $0.79 earnings per share.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Thursday, October 31st. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Analyst Ratings Changes

Several brokerages recently commented on IBTX. StockNews.com began coverage on shares of Independent Bank Group in a research report on Monday. They set a “sell” rating for the company. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $57.83.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IBTX. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group in the second quarter valued at approximately $5,491,000. Edgestream Partners L.P. boosted its stake in shares of Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after purchasing an additional 28,579 shares during the period. Bessemer Group Inc. boosted its stake in shares of Independent Bank Group by 6.8% in the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after purchasing an additional 14,534 shares during the period. Water Island Capital LLC purchased a new position in shares of Independent Bank Group in the second quarter valued at approximately $806,000. Finally, Magnetar Financial LLC purchased a new position in shares of Independent Bank Group in the second quarter valued at approximately $14,146,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Trading Down 0.9 %

The company’s 50 day moving average price is $57.41 and its 200 day moving average price is $50.01. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $2.40 billion, a PE ratio of 22.89 and a beta of 1.38.

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.