Independent Bank Group (NASDAQ:IBTX) Receives New Coverage from Analysts at StockNews.com

Stock analysts at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX - Get Free Report) in a research report issued to clients and investors on Tuesday. The brokerage set a "sell" rating on the bank's stock.

Other research analysts have also issued reports about the company. Piper Sandler upgraded Independent Bank Group from an "underweight" rating to an "overweight" rating and upped their target price for the company from $38.00 to $58.00 in a research note on Friday, May 31st. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an "outperform" rating in a research note on Monday, July 29th. Finally, Truist Financial raised their price objective on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a "hold" rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $58.17.

Independent Bank Group Stock Performance

IBTX stock traded down $0.82 during midday trading on Tuesday, hitting $57.40. 172,708 shares of the company traded hands, compared to its average volume of 253,897. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $60.53. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 22.69 and a beta of 1.41. 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 business has a 50 day simple moving average of $52.88 and a 200-day simple moving average of $46.57.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The firm had revenue of $252.52 million during the quarter, compared to the consensus estimate of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the prior year, the company earned $0.82 EPS. As a group, equities research analysts predict that Independent Bank Group will post 2.86 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in Independent Bank Group by 7.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank's stock worth $21,817,000 after purchasing an additional 28,395 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Independent Bank Group by 33.0% during the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank's stock worth $1,271,000 after buying an additional 6,203 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Independent Bank Group by 1.9% in the fourth 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 during the period. Weil Company Inc. bought a new position in Independent Bank Group in the fourth quarter valued at approximately $252,000. Finally, Relative Value Partners Group LLC acquired a new stake in Independent Bank Group during the 4th quarter worth $217,000. 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.