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

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

IBTX has been the subject of a number of other research reports. Truist Financial dropped their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $65.30 on Monday. The business has a 50-day simple moving average of $62.79 and a 200-day simple moving average of $55.92. Independent Bank Group has a 52-week low of $36.47 and a 52-week high of $68.66. The stock has a market cap of $2.71 billion, a PE ratio of -6.24 and a beta of 1.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last posted 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). The company had revenue of $255.18 million for the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.79 earnings per share. On average, equities analysts expect that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.38 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.33%. Independent Bank Group’s dividend payout ratio (DPR) is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings 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 period. CIBC Asset Management Inc acquired a new position in Independent Bank Group in the third quarter valued at $204,000. AQR Capital Management LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter worth about $212,000. Hancock Whitney Corp purchased a new position in Independent Bank Group during the third quarter worth approximately $222,000. Finally, Hennessy Advisors Inc. acquired a new position in Independent Bank Group in the second quarter valued at $228,000. 77.90% of the stock is 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.