Independent Bank Group (NASDAQ:IBTX) Sets New 12-Month High at $59.94

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $59.94 and last traded at $58.87, with a volume of 3458 shares. The stock had previously closed at $59.59.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on IBTX shares. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Truist Financial cut their price objective on Independent Bank Group from $50.00 to $48.00 and set a “hold” rating for the company in a research report on Monday, July 8th. StockNews.com started coverage on Independent Bank Group in a research report on Thursday. They set a “sell” rating for the company. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $46.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 9th. Finally, Stephens reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $53.83.

Independent Bank Group Stock Performance

The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 23.55 and a beta of 1.41. 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 firm has a 50-day simple moving average of $47.06 and a two-hundred day simple moving average of $45.25.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The company had revenue of $252.52 million during the quarter, compared to the consensus estimate 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 previous year, the company posted $0.82 EPS. On average, sell-side analysts anticipate that Independent Bank Group, Inc. will post 2.56 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Monday, August 5th. Independent Bank Group’s payout ratio is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Howard Financial Services LTD. boosted its stake in shares of Independent Bank Group by 0.8% in the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after buying an additional 234 shares during the period. NBC Securities Inc. boosted its stake in shares of Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Independent Bank Group by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock valued at $824,000 after buying an additional 300 shares during the period. Texas Permanent School Fund Corp lifted its stake in Independent Bank Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after purchasing an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in Independent Bank Group by 7.4% during the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock worth $333,000 after purchasing an additional 502 shares during the last quarter. Hedge funds and other 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.