Independent Bank Group (NASDAQ:IBTX) Now Covered by StockNews.com

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

Several other equities research analysts have also issued reports on the stock. Stephens reiterated an overweight rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and lifted their target price for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a research report on Wednesday, April 24th. Truist Financial lowered their price objective on shares of Independent Bank Group from $50.00 to $48.00 and set a hold rating for the company in a report on Monday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank Group from $46.00 to $57.00 and gave the stock an outperform rating in a report on Tuesday, July 9th. 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.com, the company currently has a consensus rating of Hold and a consensus target price of $53.83.

Independent Bank Group Trading Up 2.4 %

Shares of Independent Bank Group stock opened at $59.59 on Thursday. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $59.71. The firm has a market cap of $2.47 billion, a PE ratio of 23.55 and a beta of 1.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.97. The company has a 50 day simple moving average of $47.06 and a two-hundred day simple moving average of $45.29.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The business had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. During the same period in the previous year, the business posted $0.82 earnings per share. Analysts expect that Independent Bank Group will post 2.56 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.55%. Independent Bank Group’s payout ratio is 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds have recently made changes to their positions in the business. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group in the second quarter worth $5,491,000. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after buying an additional 40,112 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Independent Bank Group by 4.9% in the fourth 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 during the period. Edgestream Partners L.P. increased its stake in shares of Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after buying an additional 28,579 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank Group by 7.1% in the fourth 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 during the period. 77.90% of the stock is currently owned by institutional investors.

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.