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

Research analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report issued to clients and investors on Wednesday. The brokerage set a “sell” rating on the bank’s stock.

Several other research analysts also recently commented on IBTX. Truist Financial reduced their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. One equities 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $57.83.

Independent Bank Group Stock Up 1.3 %

Shares of NASDAQ IBTX opened at $57.75 on Wednesday. Independent Bank Group has a 52-week low of $34.54 and a 52-week high of $62.25. 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 business has a fifty day moving average of $57.86 and a two-hundred day moving average of $51.06. The stock has a market cap of $2.39 billion, a PE ratio of -5.52 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results 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). The firm had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same period in the prior year, the business earned $0.79 earnings per share. As a group, equities research analysts expect that Independent Bank Group will post 2.51 earnings per share for the current fiscal year.

Institutional Trading of Independent Bank Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Silver Lake Advisory LLC bought a new stake in shares of Independent Bank Group during the second quarter worth approximately $5,491,000. Edgestream Partners L.P. raised its position in shares of Independent Bank Group by 72.0% during the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after acquiring an additional 28,579 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Independent Bank Group by 6.8% during the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after acquiring an additional 14,534 shares during the last quarter. Water Island Capital LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter valued at $806,000. Finally, Magnetar Financial LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth $14,146,000. 77.90% of the stock is owned by 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.