Independent Bank Group (NASDAQ:IBTX) Research Coverage Started at StockNews.com

Analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report released on Sunday. The brokerage set a “sell” rating on the bank’s stock.

Several other equities research analysts have also issued reports on IBTX. Truist Financial reissued a “hold” rating and set a $50.00 price objective (up previously from $46.00) on shares of Independent Bank Group in a research note on Wednesday, May 29th. Hovde Group dropped their price objective on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $38.00 to $58.00 in a research note on Friday, May 31st. Keefe, Bruyette & Woods dropped their price target on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Finally, Stephens reiterated an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.33.

Independent Bank Group Price Performance

Independent Bank Group stock opened at $44.26 on Friday. Independent Bank Group has a one year low of $34.30 and a one year high of $53.25. The business has a fifty day moving average price of $42.72 and a 200-day moving average price of $45.22. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $1.83 billion, a P/E ratio of 17.49 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share. As a group, equities research analysts forecast that Independent Bank Group will post 2.56 EPS for the current year.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. NBC Securities Inc. raised its position in Independent Bank Group by 19.7% during the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after purchasing an additional 275 shares during the last quarter. Texas Permanent School Fund Corp raised its position in Independent Bank Group by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock valued at $1,435,000 after purchasing an additional 420 shares during the last quarter. ProShare Advisors LLC raised its position in Independent Bank Group by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after purchasing an additional 502 shares during the last quarter. Tectonic Advisors LLC raised its position in shares of Independent Bank Group by 3.7% in the 4th quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after acquiring an additional 609 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Independent Bank Group in the 1st quarter worth approximately $30,000. 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.