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

StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Saturday. The brokerage issued a sell rating on the bank’s stock.

Several other research analysts have also recently commented on the company. Truist Financial lowered their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Stock Down 0.5 %

Shares of NASDAQ:IBTX opened at $66.92 on Friday. The firm has a market capitalization of $2.77 billion, a PE ratio of -6.40 and a beta of 1.38. Independent Bank Group has a 1 year low of $36.47 and a 1 year high of $68.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average is $60.66 and its two-hundred day moving average is $54.15.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). The business had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the previous year, the company earned $0.79 earnings per share. Analysts predict that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s payout ratio is -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds have recently added to or reduced their stakes in the stock. Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group during the 2nd quarter worth approximately $14,146,000. FMR LLC lifted its position in Independent Bank Group by 8.1% in the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after acquiring an additional 279,112 shares during the last quarter. Silver Lake Advisory LLC acquired a new position in Independent Bank Group in the second quarter valued at $5,491,000. Edgestream Partners L.P. purchased a new position in shares of Independent Bank Group during the third quarter worth about $3,521,000. Finally, Westchester Capital Management LLC increased its position in shares of Independent Bank Group by 15.5% during the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after purchasing an additional 40,944 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.