Independent Bank Group, Inc. (NASDAQ:IBTX) Sees Large Growth in Short Interest

Independent Bank Group, Inc. (NASDAQ:IBTX) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,730,000 shares, a growth of 11.6% from the October 15th total of 1,550,000 shares. Currently, 4.8% of the company’s shares are short sold. Based on an average daily volume of 179,500 shares, the days-to-cover ratio is presently 9.6 days.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Headlands Technologies LLC acquired a new stake in shares of Independent Bank Group in the 1st quarter worth about $30,000. Blue Trust Inc. lifted its holdings in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after purchasing an additional 820 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Independent Bank Group in the first quarter valued at approximately $203,000. CIBC Asset Management Inc purchased a new position in shares of Independent Bank Group during the third quarter valued at approximately $204,000. Finally, AQR Capital Management LLC bought a new stake in Independent Bank Group during the second quarter worth $212,000. 77.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on IBTX shares. StockNews.com started coverage on shares of Independent Bank Group in a research note on Thursday. They set a “sell” rating for the company. Truist Financial lowered their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. One research 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, Independent Bank Group currently has a consensus rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Stock Down 0.6 %

Shares of IBTX traded down $0.35 during trading hours on Monday, hitting $63.22. The stock had a trading volume of 142,756 shares, compared to its average volume of 238,624. Independent Bank Group has a 1-year low of $36.16 and a 1-year high of $67.92. The firm has a market capitalization of $2.62 billion, a P/E ratio of -6.04 and a beta of 1.38. The firm has a 50 day simple moving average of $59.19 and a 200-day simple moving average of $52.79. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The firm had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. During the same period last year, the business posted $0.79 EPS. Sell-side analysts predict that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.40%. Independent Bank Group’s payout ratio is -14.53%.

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.