Independent Bank Group (NASDAQ:IBTX) Shares Gap Down on Disappointing Earnings

Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report)'s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $57.53, but opened at $56.15. Independent Bank Group shares last traded at $57.85, with a volume of 6,148 shares trading hands.

The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The firm had revenue of $255.18 million for the quarter, compared to analysts' expectations of $124.48 million. During the same period last year, the company posted $0.79 earnings per share.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.60%. The ex-dividend date was Monday, August 5th. Independent Bank Group's dividend payout ratio (DPR) is 60.08%.

Analyst Ratings Changes

IBTX has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an "outperform" rating in a report on Monday, July 29th. Truist Financial raised their price target on shares of Independent Bank Group from $65.00 to $66.00 and gave the company a "hold" rating in a report on Friday, September 20th. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a report on Monday. They set a "sell" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Independent Bank Group currently has a consensus rating of "Hold" and an average target price of $58.33.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake 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 worth $212,694,000 after purchasing an additional 22,245 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Independent Bank Group by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank's stock worth $105,456,000 after purchasing an additional 39,091 shares during the period. Magnetar Financial LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $14,146,000. Bessemer Group Inc. lifted its stake in shares of Independent Bank Group by 6.8% in the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank's stock worth $10,357,000 after purchasing an additional 14,534 shares during the period. Finally, Silver Lake Advisory LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $5,491,000. Institutional investors own 77.90% of the company's stock.

Independent Bank Group Stock Up 1.6 %

The stock has a market cap of $2.42 billion, a P/E ratio of 22.87 and a beta of 1.38. The company's 50 day moving average price is $57.17 and its two-hundred day moving average price is $49.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

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.