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

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

Other research analysts have also issued research reports about the company. Truist Financial decreased their price objective 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 raised their price target on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.33.

Independent Bank Group Stock Up 0.5 %

IBTX stock opened at $60.67 on Thursday. Independent Bank Group has a 52 week low of $36.47 and a 52 week high of $68.66. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm has a 50-day simple moving average of $63.43 and a 200-day simple moving average of $57.88. The stock has a market capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to analyst estimates 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 company earned $0.79 EPS. Equities analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Institutional Trading of Independent Bank Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in Independent Bank Group by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock worth $713,000 after acquiring an additional 810 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in Independent Bank Group by 11.5% in the second quarter. Texas Permanent School Fund Corp now owns 35,042 shares of the bank’s stock valued at $1,595,000 after buying an additional 3,609 shares during the last quarter. American Century Companies Inc. boosted its stake in Independent Bank Group by 12.0% during the second quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock worth $2,951,000 after buying an additional 6,951 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Independent Bank Group by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after acquiring an additional 39,091 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Independent Bank Group by 45.3% in the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock valued at $2,378,000 after acquiring an additional 16,300 shares during the period. Institutional investors and hedge funds 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.