Independent Bank Group (NASDAQ:IBTX) Receives New Coverage from Analysts at StockNews.com

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

Several other equities analysts also recently weighed in on IBTX. Piper Sandler upgraded Independent Bank Group from an underweight rating to an overweight rating and raised their target price for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Truist Financial upped their target price on shares of Independent Bank Group from $65.00 to $66.00 and gave the stock a hold rating in a report on Friday, September 20th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Independent Bank Group currently has a consensus rating of Hold and an average target price of $58.33.

Independent Bank Group Stock Up 0.2 %

Shares of IBTX stock opened at $56.72 on Friday. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $61.76. The stock has a market cap of $2.35 billion, a P/E ratio of 22.42 and a beta of 1.38. The stock has a 50 day moving average of $56.19 and a 200 day moving average of $48.21. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $252.52 million during the quarter, compared to analysts’ expectations 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 firm posted $0.82 EPS. As a group, sell-side analysts expect that Independent Bank Group will post 2.86 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Magnetar Financial LLC acquired a new stake in shares of Independent Bank Group in the 2nd quarter valued at about $14,146,000. Silver Lake Advisory LLC purchased a new position in Independent Bank Group during the 2nd quarter worth $5,491,000. Dimensional Fund Advisors LP grew its holdings 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 worth $105,456,000 after buying an additional 39,091 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after acquiring an additional 35,806 shares during the period. Finally, Edgestream Partners L.P. raised its stake in Independent Bank Group by 72.0% during the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after acquiring an additional 28,579 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.