Independent Bank Group (NASDAQ:IBTX) Reaches New 1-Year High at $56.79

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) reached a new 52-week high during trading on Monday . The stock traded as high as $56.79 and last traded at $56.79, with a volume of 600 shares. The stock had previously closed at $54.09.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $46.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. Hovde Group reduced their price objective on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $38.00 to $58.00 in a research note on Friday, May 31st. Stephens restated an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Finally, StockNews.com began coverage on Independent Bank Group in a research report on Wednesday, July 17th. They issued a “sell” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank Group currently has an average rating of “Hold” and a consensus price target of $53.83.

Independent Bank Group Trading Down 2.3 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50 day moving average price is $46.45 and its 200 day moving average price is $45.18. The stock has a market capitalization of $2.28 billion, a P/E ratio of 21.79 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. Independent Bank Group’s revenue was down 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.07 EPS. As a group, equities research analysts expect that Independent Bank Group, Inc. will post 2.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James & Associates increased its position in Independent Bank Group by 9.5% during the 4th quarter. Raymond James & Associates now owns 17,830 shares of the bank’s stock valued at $907,000 after purchasing an additional 1,548 shares during the period. Tectonic Advisors LLC boosted its stake in shares of Independent Bank Group by 3.7% during the 4th quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock valued at $875,000 after purchasing an additional 609 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Independent Bank Group by 4.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,531 shares of the bank’s stock valued at $841,000 after buying an additional 747 shares during the period. Segment Wealth Management LLC bought a new position in Independent Bank Group in the fourth quarter worth about $259,000. Finally, Louisiana State Employees Retirement System purchased a new stake in Independent Bank Group in the fourth quarter worth about $916,000. Institutional investors 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.