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

Analysts at StockNews.com initiated coverage on shares of Independent Bank Group (NASDAQ:IBTXGet Free Report) in a note issued to investors on Sunday. The firm set a “sell” rating on the bank’s stock.

IBTX has been the subject of several other research reports. Truist Financial reaffirmed a “hold” rating and issued a $50.00 price objective (up previously from $46.00) on shares of Independent Bank Group in a report on Wednesday, May 29th. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Stephens reissued an “overweight” rating and issued a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. Hovde Group cut their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a report on Friday, April 26th. One 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. Based on data from MarketBeat, Independent Bank Group presently has a consensus rating of “Hold” and an average price target of $52.33.

Read Our Latest Report on Independent Bank Group

Independent Bank Group Stock Performance

Shares of IBTX opened at $44.26 on Friday. Independent Bank Group has a 1 year low of $34.30 and a 1 year high of $53.25. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 17.49 and a beta of 1.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a fifty day moving average of $42.72 and a 200-day moving average of $45.22.

Independent Bank Group (NASDAQ:IBTXGet Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.07 earnings per share. As a group, equities analysts anticipate that Independent Bank Group will post 2.56 earnings per share for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares during the period. FMR LLC increased its holdings in shares of Independent Bank Group by 12.6% in the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after buying an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after buying an additional 35,806 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank Group by 7.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after buying an additional 28,395 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

About Independent Bank Group

(Get Free Report)

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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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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