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

StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report report published on Monday. The firm issued a sell rating on the bank’s stock.

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

Independent Bank Group Price Performance

Shares of IBTX opened at $45.30 on Monday. The business’s 50-day moving average is $43.32 and its two-hundred day moving average is $45.19. The company has a market capitalization of $1.87 billion, a P/E ratio of 17.91 and a beta of 1.41. Independent Bank Group has a fifty-two week low of $34.30 and a fifty-two week high of $53.25. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97.

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

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.36%. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Trading of Independent Bank Group

Several large investors have recently made changes to their positions in IBTX. Vanguard Group Inc. boosted its stake in Independent Bank Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after purchasing an additional 22,245 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after purchasing an additional 28,395 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings 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 last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.