Independent Bank Group (NASDAQ:IBTX) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Friday. The brokerage set a “sell” rating on the bank’s stock.

Several other equities analysts have also recently commented on IBTX. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. 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.com, the stock currently has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $60.67 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group has a 1 year low of $36.47 and a 1 year high of $68.66. The company has a market capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. The business has a 50 day moving average of $63.48 and a 200-day moving average of $58.46.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period in the previous year, the company earned $0.79 earnings per share. On average, equities research analysts predict that Independent Bank Group will post 2.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Independent Bank Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 66,746 shares of the bank’s stock worth $3,849,000 after buying an additional 10,307 shares in the last quarter. Geode Capital Management LLC raised its stake in Independent Bank Group by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock worth $50,697,000 after acquiring an additional 15,447 shares during the last quarter. Barclays PLC lifted its holdings in shares of Independent Bank Group by 71.9% during the third quarter. Barclays PLC now owns 79,414 shares of the bank’s stock worth $4,578,000 after purchasing an additional 33,213 shares during the period. XTX Topco Ltd purchased a new stake in shares of Independent Bank Group in the 3rd quarter valued at $314,000. Finally, Jane Street Group LLC boosted its holdings in Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after purchasing an additional 26,414 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

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.