Independent Bank Group (NASDAQ:IBTX) Coverage Initiated by Analysts at StockNews.com

Stock analysts at StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX - Get Free Report) in a research note issued on Wednesday. The brokerage set a "sell" rating on the bank's stock.

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

Independent Bank Group Price Performance

Shares of IBTX traded down $0.52 during mid-day trading on Wednesday, reaching $54.81. The stock had a trading volume of 116,506 shares, compared to its average volume of 249,257. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 21.87 and a beta of 1.38. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $60.53. The business has a fifty day moving average of $54.02 and a 200 day moving average of $46.98. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.02. The business had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same period in the prior year, the business posted $0.82 earnings per share. Equities analysts predict that Independent Bank Group will post 2.86 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors have recently modified their holdings of IBTX. Charles Schwab Investment Management Inc. increased its holdings in Independent Bank Group by 7.1% during the fourth 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 during the period. BNP Paribas Financial Markets increased its holdings in Independent Bank Group by 33.0% during the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank's stock valued at $1,271,000 after buying an additional 6,203 shares during the period. Dimensional Fund Advisors LP increased its holdings in Independent Bank Group by 1.9% during 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. purchased a new position in Independent Bank Group during the fourth quarter valued at approximately $252,000. Finally, Relative Value Partners Group LLC purchased a new position in Independent Bank Group during the fourth quarter valued at approximately $217,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Company Profile

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.