Independent Bank Group (NASDAQ:IBTX) Shares Gap Down After Earnings Miss

Independent Bank Group, Inc. (NASDAQ:IBTX) gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $57.53, but opened at $56.15. Independent Bank Group shares last traded at $57.85, with a volume of 6,148 shares changing hands.

The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The company 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 43.02% and a positive return on equity of 4.83%. During the same period in the prior year, the business earned $0.79 EPS.

Wall Street Analysts Forecast Growth

IBTX has been the subject of a number of research reports. Truist Financial raised their price target on shares of Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, StockNews.com started coverage on shares of Independent Bank Group in a report on Monday. They set a “sell” rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.33.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Everence Capital Management Inc. acquired a new position in shares of Independent Bank Group in the 3rd quarter valued at $273,000. Blue Trust Inc. grew its holdings in shares of Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares during the period. Precedent Wealth Partners LLC acquired a new position in shares of Independent Bank Group in the 3rd quarter valued at $415,000. Water Island Capital LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter valued at $806,000. Finally, Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter valued at $5,491,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Stock Performance

The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 23.11 and a beta of 1.38. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average is $57.29 and its two-hundred day moving average is $49.95.

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.