Independent Bank Group (NASDAQ:IBTX) Reaches New 1-Year High – Time to Buy?

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) reached a new 52-week high during trading on Monday . The company traded as high as $67.96 and last traded at $67.89, with a volume of 4360 shares. The stock had previously closed at $65.49.

Analyst Ratings Changes

IBTX has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Independent Bank Group in a report on Friday. They set a “sell” rating on the stock. Truist Financial reduced their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. One equities research 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $58.83.

Independent Bank Group Stock Up 3.0 %

The business’s 50-day moving average price is $59.88 and its two-hundred day moving average price is $53.44. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same period in the prior year, the firm earned $0.79 EPS. Research analysts anticipate that Independent Bank Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is presently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors have recently modified their holdings of IBTX. Magnetar Financial LLC acquired a new position in Independent Bank Group during the second quarter worth approximately $14,146,000. FMR LLC increased its position in Independent Bank Group by 8.1% during the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after purchasing an additional 279,112 shares during the last quarter. Silver Lake Advisory LLC acquired a new position in Independent Bank Group during the second quarter worth approximately $5,491,000. Edgestream Partners L.P. acquired a new position in Independent Bank Group during the third quarter worth approximately $3,521,000. Finally, Westchester Capital Management LLC increased its position in Independent Bank Group by 15.5% during the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after purchasing an additional 40,944 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.