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

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

Several other analysts also recently issued reports on IBTX. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $60.33.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $60.67 on Friday. The firm has a market capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. The firm’s 50-day moving average price is $63.39 and its 200-day moving average price is $58.75. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group has a 1-year low of $36.47 and a 1-year high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly 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). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period last year, the company posted $0.79 earnings per share. Equities research analysts anticipate that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Independent Bank Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,746 shares of the bank’s stock valued at $3,849,000 after buying an additional 10,307 shares during the last quarter. Geode Capital Management LLC grew its holdings 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 in the last quarter. Barclays PLC increased its position in shares of Independent Bank Group by 71.9% during the third quarter. Barclays PLC now owns 79,414 shares of the bank’s stock valued at $4,578,000 after acquiring an additional 33,213 shares during the last quarter. XTX Topco Ltd bought a new stake in Independent Bank Group during the third quarter worth $314,000. Finally, Jane Street Group LLC boosted its position in Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock worth $3,520,000 after purchasing an additional 26,414 shares during the last quarter. 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.