StockNews.com Initiates Coverage on Independent Bank Group (NASDAQ:IBTX)

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

Several other analysts also recently weighed in on the company. Truist Financial increased their target price on Independent Bank Group from $48.00 to $65.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price target for the company from $38.00 to $58.00 in a report on Friday, May 31st. One research 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 MarketBeat.com, Independent Bank Group presently has a consensus rating of “Hold” and a consensus price target of $58.33.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX opened at $58.83 on Thursday. The business has a 50 day moving average price of $55.68 and a 200 day moving average price of $47.63. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $61.76. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 23.25 and a beta of 1.38. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

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

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently modified their holdings of IBTX. Charles Schwab Investment Management Inc. raised its holdings in shares of Independent Bank Group by 7.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after buying an additional 28,395 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Independent Bank Group by 33.0% in the 4th quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock worth $1,271,000 after buying an additional 6,203 shares in the last quarter. Weil Company Inc. acquired a new position in shares of Independent Bank Group in the 4th quarter worth approximately $252,000. Relative Value Partners Group LLC acquired a new position in shares of Independent Bank Group in the 4th quarter worth approximately $217,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of 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 worth $39,211,000 after buying an additional 35,806 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.