Independent Bank Group (NASDAQ:IBTX) Earns Sell Rating from Analysts at StockNews.com

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

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial dropped their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $57.83.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $57.88 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The business has a 50-day moving average of $57.87 and a 200-day moving average of $50.66. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of -5.51 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $34.54 and a fifty-two week high of $62.25.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same quarter in the previous year, the firm posted $0.79 earnings per share. As a group, sell-side analysts predict that Independent Bank Group will post 2.51 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Thursday, October 31st. Independent Bank Group’s dividend payout ratio is -14.53%.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Silver Lake Advisory LLC bought a new position in Independent Bank Group during the second quarter worth about $5,491,000. Edgestream Partners L.P. increased its holdings in shares of Independent Bank Group by 72.0% during the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after purchasing an additional 28,579 shares during the period. Bessemer Group Inc. raised its position in shares of Independent Bank Group by 6.8% in the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after buying an additional 14,534 shares in the last quarter. Water Island Capital LLC acquired a new stake in shares of Independent Bank Group in the second quarter valued at approximately $806,000. Finally, Magnetar Financial LLC bought a new stake in shares of Independent Bank Group in the second quarter valued at approximately $14,146,000. Institutional investors and hedge funds 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.