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

StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note released on Friday. The brokerage issued a sell rating on the bank’s stock.

Several other research firms also recently weighed in on IBTX. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Truist Financial reduced their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $67.31 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average is $59.88 and its two-hundred day moving average is $53.44. Independent Bank Group has a 52 week low of $36.16 and a 52 week high of $68.66. The company has a market capitalization of $2.79 billion, a PE ratio of -6.43 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS 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 company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, analysts expect that Independent Bank Group will post 2.7 earnings per share for the current year.

Independent Bank Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.26%. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Independent Bank Group in the 3rd quarter valued at about $204,000. AQR Capital Management LLC purchased a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $212,000. Hancock Whitney Corp bought a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $222,000. Finally, Hennessy Advisors Inc. bought a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $228,000. 77.90% of the stock is currently owned by hedge funds and other 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.