StockNews.com Begins Coverage on Independent Bank Group (NASDAQ:IBTX)

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

A number of other brokerages have also weighed in on IBTX. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and decreased their target price for the company from $48.00 to $38.00 in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a research report on Friday, April 26th. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a report on Wednesday, April 24th. Stephens reaffirmed an overweight rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday, April 23rd. Finally, Truist Financial reaffirmed a hold rating and issued a $50.00 target price (up previously from $46.00) on shares of Independent Bank Group in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $49.00.

Get Our Latest Research Report on IBTX

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $45.98 on Thursday. Independent Bank Group has a twelve month low of $32.75 and a twelve month high of $53.25. The firm has a market cap of $1.90 billion, a P/E ratio of 18.17 and a beta of 1.36. The company has a 50 day moving average of $42.48 and a 200 day moving average of $44.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTXGet Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same period in the previous year, the business earned $1.07 EPS. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, research analysts expect that Independent Bank Group will post 2.57 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. NBC Securities Inc. raised its position in shares of Independent Bank Group by 19.7% during the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares in the last quarter. Texas Permanent School Fund Corp raised its position in shares of Independent Bank Group by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock valued at $1,435,000 after buying an additional 420 shares in the last quarter. ProShare Advisors LLC raised its position in Independent Bank Group by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock worth $333,000 after purchasing an additional 502 shares during the period. Signaturefd LLC lifted its stake in Independent Bank Group by 49.8% in the third quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after purchasing an additional 503 shares during the last quarter. Finally, Tectonic Advisors LLC lifted its stake in Independent Bank Group by 3.7% in the fourth quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after purchasing an additional 609 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

About Independent Bank Group

(Get Free Report)

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.

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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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