Independent Bank Group, Inc. (NASDAQ:IBTX) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX – Get Rating) have been assigned a consensus rating of “Hold” from the six brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $62.75.

IBTX has been the subject of several analyst reports. Truist Financial lowered their price target on shares of Independent Bank Group from $65.00 to $53.00 in a research report on Thursday, March 23rd. StockNews.com assumed coverage on shares of Independent Bank Group in a report on Thursday. They set a “sell” rating for the company. Piper Sandler decreased their price objective on shares of Independent Bank Group from $55.00 to $48.00 in a report on Wednesday, April 26th. Finally, TheStreet cut shares of Independent Bank Group from a “b-” rating to a “c” rating in a report on Tuesday, April 25th.

Independent Bank Group Trading Down 3.6 %

Shares of NASDAQ IBTX opened at $33.09 on Friday. Independent Bank Group has a 1-year low of $28.81 and a 1-year high of $76.00. The company has a market cap of $1.37 billion, a PE ratio of 12.73 and a beta of 1.37. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average of $40.48 and a two-hundred day moving average of $54.07.

Independent Bank Group (NASDAQ:IBTX – Get Rating) last announced its earnings results on Tuesday, April 25th. The bank reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.03). Independent Bank Group had a return on equity of 8.53% and a net margin of 14.09%. The company had revenue of $213.93 million during the quarter, compared to the consensus estimate of $149.58 million. During the same period in the prior year, the firm posted $1.22 earnings per share. As a group, equities analysts expect that Independent Bank Group will post 3.86 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Thursday, May 4th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Wednesday, May 3rd. Independent Bank Group’s dividend payout ratio is presently 58.46%.

Insider Transactions at Independent Bank Group

In other news, Director William E. Fair purchased 2,000 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were purchased at an average cost of $30.56 per share, with a total value of $61,120.00. Following the completion of the transaction, the director now owns 219,571 shares of the company’s stock, valued at approximately $6,710,089.76. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director William E. Fair acquired 2,000 shares of the firm’s stock in a transaction on Thursday, May 4th. The shares were purchased at an average cost of $30.56 per share, for a total transaction of $61,120.00. Following the completion of the acquisition, the director now directly owns 219,571 shares in the company, valued at $6,710,089.76. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, COO Michael B. Hobbs acquired 2,400 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was bought at an average price of $31.33 per share, for a total transaction of $75,192.00. Following the completion of the acquisition, the chief operating officer now owns 38,092 shares of the company’s stock, valued at $1,193,422.36. The disclosure for this purchase can be found here. Insiders have acquired a total of 14,548 shares of company stock valued at $449,798 over the last 90 days. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in Independent Bank Group by 74.4% during the first quarter. JPMorgan Chase & Co. now owns 75,501 shares of the bank’s stock worth $3,499,000 after buying an additional 32,208 shares in the last quarter. Susquehanna International Group LLP lifted its holdings in shares of Independent Bank Group by 300.5% in the first quarter. Susquehanna International Group LLP now owns 28,433 shares of the bank’s stock worth $1,318,000 after acquiring an additional 21,333 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Independent Bank Group by 166.8% in the first quarter. Jane Street Group LLC now owns 10,722 shares of the bank’s stock worth $497,000 after acquiring an additional 6,704 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Independent Bank Group by 4.2% in the first quarter. First Trust Advisors LP now owns 60,492 shares of the bank’s stock worth $2,804,000 after acquiring an additional 2,424 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Independent Bank Group by 4.0% in the first quarter. Geode Capital Management LLC now owns 715,549 shares of the bank’s stock worth $33,166,000 after acquiring an additional 27,782 shares during the last quarter. 75.83% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Company Profile

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Independent Bank Group, Inc is a bank holding company, which engages in the provision of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. It offers checking, savings, commercial loans, business services and cash management solutions.