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

Equities research analysts at StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Saturday. The firm set a “sell” rating on the bank’s stock.

A number of other equities analysts have also issued reports on IBTX. Truist Financial cut their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Stock Down 0.5 %

NASDAQ IBTX opened at $66.92 on Friday. The stock has a market cap of $2.77 billion, a PE ratio of -6.40 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The business has a 50 day moving average price of $60.50 and a two-hundred day moving average price of $53.97. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The company 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 quarter in the prior year, the company earned $0.79 EPS. As a group, sell-side analysts predict that Independent Bank Group will post 2.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Versor Investments LP grew its stake in Independent Bank Group by 0.7% during the 3rd quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock worth $1,652,000 after buying an additional 186 shares during the last quarter. Howard Financial Services LTD. grew its stake in Independent Bank Group by 0.8% during the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock worth $1,271,000 after buying an additional 234 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Independent Bank Group by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after buying an additional 300 shares during the last quarter. Sei Investments Co. grew its stake in Independent Bank Group by 0.8% during the 2nd quarter. Sei Investments Co. now owns 63,573 shares of the bank’s stock worth $2,894,000 after buying an additional 531 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Independent Bank Group by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock worth $713,000 after buying an additional 810 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.