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

Investment analysts at StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Saturday. The firm set a “sell” rating on the bank’s stock.

Several other equities research analysts have also recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Truist Financial lifted their price objective on Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $58.33.

Independent Bank Group Stock Up 2.3 %

IBTX opened at $57.35 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank Group has a one year low of $34.50 and a one year high of $61.76. The firm has a market capitalization of $2.37 billion, a P/E ratio of 22.67 and a beta of 1.38. The company has a fifty day moving average price of $56.20 and a 200-day moving average price of $48.52.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The firm had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same period in the prior year, the business earned $0.82 EPS. Equities research analysts expect that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds have recently added to or reduced their stakes in the company. Magnetar Financial LLC bought a new position in shares of Independent Bank Group during the 2nd quarter worth $14,146,000. Silver Lake Advisory LLC acquired a new stake in shares of Independent Bank Group during the 2nd quarter worth approximately $5,491,000. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank Group by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after buying an additional 28,579 shares in the last quarter. Finally, Versor Investments LP acquired a new position in shares of Independent Bank Group in the second quarter worth about $1,296,000. 77.90% of the stock is currently owned by institutional investors.

Independent Bank Group Company Profile

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.