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

Research analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued on Thursday. The brokerage set a “sell” rating on the bank’s stock.

Other equities analysts also recently issued reports about the company. Truist Financial reduced their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Trading Down 0.4 %

Shares of NASDAQ IBTX opened at $63.57 on Thursday. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -6.08 and a beta of 1.38. The stock’s 50 day simple moving average is $59.05 and its 200 day simple moving average is $52.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group has a 12-month low of $36.16 and a 12-month high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.50 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 the consensus estimate 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 quarter in the prior year, the company posted $0.79 EPS. Equities research analysts expect that Independent Bank Group will post 2.51 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new stake in Independent Bank Group during the first quarter valued at about $30,000. Blue Trust Inc. grew its position in Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Independent Bank Group during the 3rd quarter worth approximately $204,000. Hancock Whitney Corp acquired a new stake in Independent Bank Group during the 3rd quarter valued at $222,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Independent Bank Group in the first quarter worth $203,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.