Independent Bank Group (NASDAQ:IBTX) Shares Gap Up on Earnings Beat

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $41.87, but opened at $44.33. Independent Bank Group shares last traded at $41.49, with a volume of 20,477 shares traded.

The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. Independent Bank Group’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is currently 146.15%.

Analysts Set New Price Targets

IBTX has been the topic of several research analyst reports. Truist Financial cut their target price on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $48.00 to $38.00 in a research note on Wednesday. StockNews.com upgraded Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Stephens restated an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised their price target on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $50.83.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. NBC Securities Inc. grew its holdings in Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after acquiring an additional 275 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in Independent Bank Group by 1.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock worth $809,000 after acquiring an additional 295 shares during the period. Signaturefd LLC grew its holdings in Independent Bank Group by 49.8% during the third quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after acquiring an additional 503 shares during the period. Tectonic Advisors LLC grew its holdings in Independent Bank Group by 3.7% during the fourth quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after acquiring an additional 609 shares during the period. Finally, Tudor Investment Corp Et Al grew its holdings in Independent Bank Group by 0.7% during the third quarter. Tudor Investment Corp Et Al now owns 103,891 shares of the bank’s stock worth $4,109,000 after acquiring an additional 728 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Stock Performance

The stock has a 50-day simple moving average of $43.41 and a 200 day simple moving average of $43.64. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $1.68 billion, a PE ratio of 39.25 and a beta of 1.33.

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.