Independent Bank Group (NASDAQ:IBTX) Earns Sell Rating from Analysts at StockNews.com

by · The Cerbat Gem

StockNews.com began coverage on shares of Independent Bank Group (NASDAQ:IBTX – Free Report) in a research note published on Friday morning. The brokerage issued a sell rating on the bank’s stock.

Several other brokerages have also issued reports on IBTX. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and lifted their price target for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Truist Financial raised their target price on Independent Bank Group from $65.00 to $66.00 and gave the stock a hold rating in a research note on Friday, September 20th. Finally, Keefe, Bruyette & Woods raised 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. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $58.33.

Read Our Latest Analysis on Independent Bank Group

Independent Bank Group Stock Up 0.2 %

Shares of NASDAQ:IBTX opened at $56.72 on Friday. The business has a fifty day moving average price of $56.19 and a two-hundred day moving average price of $48.21. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $2.35 billion, a PE ratio of 22.42 and a beta of 1.38. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $61.76.

Independent Bank Group (NASDAQ:IBTX – Get Free Report) last issued its 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. 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 $252.52 million during the quarter, compared to analyst estimates of $120.25 million. During the same quarter last year, the business earned $0.82 earnings per share. Analysts forecast that Independent Bank Group will post 2.86 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors and hedge funds have recently bought and sold shares of IBTX. Magnetar Financial LLC purchased a new position in Independent Bank Group during the 2nd quarter valued at approximately $14,146,000. Silver Lake Advisory LLC bought a new stake in Independent Bank Group during the 2nd quarter valued at $5,491,000. Dimensional Fund Advisors LP lifted its holdings 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 buying an additional 39,091 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after buying an additional 35,806 shares in the last quarter. Finally, Edgestream Partners L.P. increased its stake in shares of Independent Bank Group by 72.0% during the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after buying an additional 28,579 shares during the period. 77.90% of the stock is owned by institutional investors.

About Independent Bank Group

(Get Free Report)

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.

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