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

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

Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Truist Financial increased their price objective on shares of Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research report on Friday, September 20th. 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 presently has an average rating of “Hold” and an average target price of $57.83.

Independent Bank Group Stock Up 1.8 %

Independent Bank Group stock opened at $58.93 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The company’s 50-day moving average is $57.51 and its 200-day moving average is $50.07. The firm has a market capitalization of $2.44 billion, a PE ratio of 23.29 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $62.25.

Independent Bank Group (NASDAQ:IBTX) last announced 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). Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The business had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period last year, the firm earned $0.79 EPS. Sell-side analysts anticipate that Independent Bank Group will post 2.86 earnings per share for the current year.

Independent Bank Group Announces Dividend

The company also recently declared 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 of this dividend is Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.58%. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Howard Financial Services LTD. boosted its position in shares of Independent Bank Group by 0.8% in the second quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after acquiring an additional 234 shares during the period. NBC Securities Inc. grew its position in shares of Independent Bank Group by 19.7% during the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Independent Bank Group by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after purchasing an additional 300 shares during the period. Texas Permanent School Fund Corp raised its position in shares of Independent Bank Group by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock valued at $1,435,000 after buying an additional 420 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Independent Bank Group by 7.4% in the first quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock valued at $333,000 after buying an additional 502 shares in the last quarter. 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.