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

Equities researchers at StockNews.com started coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a note issued to investors on Friday. The firm set a “sell” rating on the bank’s stock.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Truist Financial dropped their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Trading Up 1.3 %

IBTX opened at $65.49 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average is $59.88 and its two-hundred day moving average is $53.27. The company has a market capitalization of $2.71 billion, a P/E ratio of -6.26 and a beta of 1.38. Independent Bank Group has a 52 week low of $36.16 and a 52 week high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 21st. 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 43.45% and a positive return on equity of 4.49%. The firm had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter in the prior year, the business posted $0.79 EPS. Analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group during the second quarter worth about $14,146,000. FMR LLC grew its position in Independent Bank Group by 8.1% during the 3rd quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after purchasing an additional 279,112 shares during the last quarter. Silver Lake Advisory LLC acquired a new position in Independent Bank Group during the 2nd quarter valued at approximately $5,491,000. Edgestream Partners L.P. acquired a new position in Independent Bank Group during the 3rd quarter valued at approximately $3,521,000. Finally, Westchester Capital Management LLC raised its holdings in shares of Independent Bank Group by 15.5% in the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after buying an additional 40,944 shares during the last quarter. 77.90% of the stock is currently 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.