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

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

A number of other equities research analysts also recently commented on the company. Truist Financial decreased their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $58.83.

Independent Bank Group Trading Down 0.4 %

Independent Bank Group stock opened at $63.57 on Thursday. Independent Bank Group has a 1 year low of $36.16 and a 1 year high of $67.92. The firm’s 50 day moving average price is $59.05 and its 200-day moving average price is $52.61. 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 stock has a market cap of $2.63 billion, a P/E ratio of -6.08 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the prior year, the firm posted $0.79 earnings per share. On average, equities analysts predict that Independent Bank Group will post 2.51 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a dividend of $0.38 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.39%. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors have recently modified their holdings of the stock. FMR LLC raised its holdings in Independent Bank Group by 8.1% during the 3rd quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after buying an additional 279,112 shares during the period. Dimensional Fund Advisors LP increased its position in 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 valued at $105,456,000 after acquiring an additional 39,091 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Independent Bank Group by 1.8% in the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock valued at $50,697,000 after acquiring an additional 15,447 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Independent Bank Group by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 485,269 shares of the bank’s stock worth $27,981,000 after acquiring an additional 7,287 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter worth about $14,146,000. 77.90% of the stock is owned by institutional investors.

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.