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

Equities research analysts at StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research report issued on Saturday. The firm set a “sell” rating on the bank’s stock.

IBTX has been the subject of a number of other reports. Truist Financial raised 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. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.33.

Independent Bank Group Price Performance

IBTX opened at $57.35 on Friday. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $61.76. The firm has a 50-day moving average of $56.16 and a 200 day moving average of $48.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $2.37 billion, a P/E ratio of 22.67 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $252.52 million during the quarter, compared to the consensus estimate of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the prior year, the company earned $0.82 EPS. On average, research analysts expect that Independent Bank Group will post 2.86 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently added to or reduced their stakes in IBTX. Magnetar Financial LLC bought a new position in shares of Independent Bank Group during the 2nd quarter valued at $14,146,000. Silver Lake Advisory LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $5,491,000. Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after buying an additional 39,091 shares during the last quarter. Edgestream Partners L.P. grew its position in Independent Bank Group by 72.0% during the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after buying an additional 28,579 shares during the period. Finally, Versor Investments LP purchased a new stake in Independent Bank Group during the second quarter valued at approximately $1,296,000. 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.