Independent Bank Group (NASDAQ:IBTX) Reaches New 1-Year High at $61.61

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $61.61 and last traded at $60.99, with a volume of 84829 shares changing hands. The stock had previously closed at $59.20.

Analysts Set New Price Targets

IBTX has been the subject of a number of recent analyst reports. Piper Sandler raised shares of Independent Bank Group from an "underweight" rating to an "overweight" rating and increased their target price for the company from $38.00 to $58.00 in a research report on Friday, May 31st. StockNews.com assumed coverage on shares of Independent Bank Group in a research report on Wednesday, September 11th. They set a "sell" rating for the company. Truist Financial boosted their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the company a "hold" rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $57.00 to $66.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. 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 stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $58.17.

Independent Bank Group Stock Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $2.46 billion, a P/E ratio of 23.51 and a beta of 1.38. The company's 50 day moving average is $55.19 and its 200-day moving average is $47.46.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last released 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 negative net margin of 43.02% and a positive return on equity of 4.83%. The company had revenue of $252.52 million for the quarter, compared to analysts' expectations of $120.25 million. During the same quarter in the prior year, the firm earned $0.82 EPS. As a group, equities analysts anticipate that Independent Bank Group, Inc. will post 2.86 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a dividend of $0.38 per share. The ex-dividend date was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.56%. Independent Bank Group's dividend payout ratio is 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of large investors have recently modified their holdings of the company. Water Island Capital LLC bought a new stake in Independent Bank Group during the 2nd quarter valued at $806,000. Silver Lake Advisory LLC bought a new stake in shares of Independent Bank Group during the second quarter worth about $5,491,000. AQR Capital Management LLC bought a new position in Independent Bank Group in the 2nd quarter valued at about $212,000. Magnetar Financial LLC bought a new position in Independent Bank Group in the 2nd quarter valued at about $14,146,000. Finally, Public Sector Pension Investment Board boosted its stake in Independent Bank Group by 7.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 79,245 shares of the bank's stock valued at $3,607,000 after purchasing an additional 5,623 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.