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

StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX – Free Report) in a report released on Tuesday. The brokerage issued a sell rating on the bank’s stock.

Other equities research analysts have also issued reports about the stock. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a research note on Friday, April 26th. Truist Financial lowered their target price on Independent Bank Group from $50.00 to $48.00 and set a hold rating on the stock in a report on Monday. Hovde Group cut their price target on Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a research note on Wednesday, April 24th. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and increased their price objective for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Finally, Stephens reissued an overweight rating and issued a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $53.83.

Read Our Latest Research Report on Independent Bank Group

Independent Bank Group Stock Up 1.5 %

Shares of IBTX stock traded up $0.68 during mid-day trading on Tuesday, hitting $45.64. The company’s stock had a trading volume of 139,622 shares, compared to its average volume of 265,362. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 52-week low of $34.50 and a 52-week high of $53.25. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 17.73 and a beta of 1.41. The business has a 50-day moving average price of $43.68 and a 200 day moving average price of $45.06.

Independent Bank Group (NASDAQ:IBTX – Get Free Report) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The business had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter in the prior year, the business earned $1.07 EPS. The business’s revenue for the quarter was down 15.3% compared to the same quarter last year. Research analysts predict that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.33%. Independent Bank Group’s payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several large investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new stake in shares of Independent Bank Group during the 1st quarter valued at $30,000. Fidelis Capital Partners LLC purchased a new stake in Independent Bank Group in the 1st quarter worth $33,000. GAMMA Investing LLC bought a new stake in Independent Bank Group during the fourth quarter valued at about $47,000. NBC Securities Inc. lifted its position in shares of Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after acquiring an additional 275 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Independent Bank Group in the first quarter valued at about $203,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

About Independent Bank Group

(Get Free Report)

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.

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