Independent Bank Group, Inc. (NASDAQ:IBTX – Get Free Report) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,930,000 shares, an increase of 11.6% from the October 31st total of 1,730,000 shares. Based on an average daily trading volume, of 192,300 shares, the short-interest ratio is currently 10.0 days. Currently, 5.4% of the company’s shares are sold short.
Analyst Ratings Changes
A number of brokerages have issued reports on IBTX. Truist Financial cut their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, StockNews.com assumed coverage on shares of Independent Bank Group in a research note on Saturday. They issued 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $58.83.
Check Out Our Latest Stock Report on IBTX
Independent Bank Group Stock Down 0.3 %
Independent Bank Group (NASDAQ:IBTX – Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the prior year, the company posted $0.79 EPS. As a group, analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.
Independent Bank Group Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.28%. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.
Institutional Investors Weigh In On Independent Bank Group
Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Independent Bank Group by 6.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,033 shares of the bank’s stock worth $1,006,000 after purchasing an additional 1,273 shares during the last quarter. Howard Financial Services LTD. lifted its stake in shares of Independent Bank Group by 0.8% during the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock valued at $1,271,000 after buying an additional 234 shares in the last quarter. Silver Lake Advisory LLC purchased a new stake in shares of Independent Bank Group during the 2nd quarter valued at approximately $5,491,000. Hennessy Advisors Inc. purchased a new stake in Independent Bank Group in the 2nd quarter worth approximately $228,000. Finally, Louisiana State Employees Retirement System lifted its stake in Independent Bank Group by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after purchasing an additional 300 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.
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.
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