Independent Bank Group (NASDAQ:IBTX) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Independent Bank Group (NASDAQ:IBTXGet Rating) from a hold rating to a sell rating in a report published on Tuesday morning.

A number of other research analysts also recently issued reports on the company. Hovde Group downgraded Independent Bank Group from an outperform rating to a market perform rating and dropped their price objective for the company from $82.50 to $70.00 in a research note on Wednesday, October 26th. Truist Financial dropped their price objective on Independent Bank Group from $74.00 to $70.00 in a research note on Friday, December 9th. Finally, Piper Sandler dropped their price target on Independent Bank Group from $78.00 to $75.00 and set an overweight rating on the stock in a research note on Friday, September 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $73.75.

Independent Bank Group Trading Up 0.8 %

NASDAQ IBTX opened at $58.77 on Tuesday. The business’s 50-day moving average price is $62.35 and its two-hundred day moving average price is $65.92. Independent Bank Group has a 12 month low of $56.22 and a 12 month high of $79.66. The firm has a market capitalization of $2.42 billion, a PE ratio of 11.85 and a beta of 1.41. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank Group (NASDAQ:IBTXGet Rating) last released its quarterly earnings results on Monday, October 24th. The bank reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). The company had revenue of $160.75 million during the quarter, compared to the consensus estimate of $160.09 million. Independent Bank Group had a net margin of 31.47% and a return on equity of 8.77%. During the same quarter last year, the firm posted $1.22 EPS. On average, analysts expect that Independent Bank Group will post 5.1 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 17th. Stockholders of record on Thursday, November 3rd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Wednesday, November 2nd. Independent Bank Group’s dividend payout ratio (DPR) is presently 30.65%.

Institutional Trading of Independent Bank Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Texas Permanent School Fund raised its stake in shares of Independent Bank Group by 1.0% in the second quarter. Texas Permanent School Fund now owns 26,326 shares of the bank’s stock worth $1,788,000 after purchasing an additional 258 shares during the last quarter. Point72 Hong Kong Ltd grew its holdings in Independent Bank Group by 17.8% during the first quarter. Point72 Hong Kong Ltd now owns 1,876 shares of the bank’s stock valued at $133,000 after purchasing an additional 283 shares during the period. Advisory Research Inc. grew its holdings in Independent Bank Group by 3.7% during the second quarter. Advisory Research Inc. now owns 8,287 shares of the bank’s stock valued at $563,000 after purchasing an additional 295 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Independent Bank Group by 2.7% during the second quarter. BNP Paribas Arbitrage SA now owns 15,684 shares of the bank’s stock valued at $1,065,000 after purchasing an additional 411 shares during the period. Finally, Evergreen Capital Management LLC grew its holdings in Independent Bank Group by 10.8% during the first quarter. Evergreen Capital Management LLC now owns 4,533 shares of the bank’s stock valued at $323,000 after purchasing an additional 443 shares during the period. 75.83% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Company Profile

(Get Rating)

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.

Further Reading

Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

Receive News & Ratings for Independent Bank Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Group and related companies with MarketBeat.com's FREE daily email newsletter.