StockNews.com Initiates Coverage on Independent Bank Group (NASDAQ:IBTX)

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

Several other brokerages also recently issued reports on IBTX. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial reduced their price objective 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. One research 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $57.83.

Independent Bank Group Stock Up 14.9 %

IBTX opened at $66.33 on Wednesday. The business’s fifty day moving average is $58.05 and its two-hundred day moving average is $51.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -6.34 and a beta of 1.38. Independent Bank Group has a one year low of $35.25 and a one year high of $66.41.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter in the prior year, the company earned $0.79 earnings per share. Analysts anticipate that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm 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. The ex-dividend date is Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.29%. Independent Bank Group’s payout ratio is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC increased its stake in Independent Bank Group by 6.3% in the third quarter. Empowered Funds LLC now owns 107,275 shares of the bank’s stock valued at $6,185,000 after purchasing an additional 6,363 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in Independent Bank Group during the third quarter worth about $204,000. Versor Investments LP increased its stake in Independent Bank Group by 0.7% during the third quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock worth $1,652,000 after acquiring an additional 186 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in Independent Bank Group during the third quarter worth about $273,000. Finally, Blue Trust Inc. increased its stake in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after acquiring an additional 820 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.