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

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a research note issued to investors on Saturday. The firm issued a sell rating on the bank’s stock.

A number of other research firms also recently issued reports on IBTX. Truist Financial dropped their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Independent Bank Group presently has a consensus rating of “Hold” and an average price target of $60.60.

Independent Bank Group Stock Up 0.5 %

IBTX opened at $60.67 on Friday. Independent Bank Group has a 12 month low of $36.47 and a 12 month high of $68.66. The business has a 50-day moving average of $62.99 and a two-hundred day moving average of $59.20. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.80 and a beta of 1.39.

Institutional Trading of Independent Bank Group

Several large investors have recently added to or reduced their stakes in the stock. Silver Lake Advisory LLC acquired a new stake in Independent Bank Group in the second quarter valued at approximately $5,491,000. Water Island Capital LLC purchased a new stake in Independent Bank Group during the 2nd quarter worth $806,000. JPMorgan Chase & Co. lifted its holdings in Independent Bank Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,746 shares of the bank’s stock worth $3,849,000 after buying an additional 10,307 shares in the last quarter. Renaissance Technologies LLC boosted its position in Independent Bank Group by 45.3% in the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock valued at $2,378,000 after buying an additional 16,300 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Independent Bank Group by 76.3% during the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after acquiring an additional 26,414 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.