Independent Bank Group (NASDAQ:IBTX) Shares Gap Up on Strong Earnings

Independent Bank Group, Inc. (NASDAQ:IBTX) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $41.87, but opened at $44.33. Independent Bank Group shares last traded at $41.49, with a volume of 20,477 shares changing hands.

The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter last year, the business earned $1.07 earnings per share. Independent Bank Group’s quarterly revenue was down 15.3% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research firms have commented on IBTX. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Raymond James raised their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Stephens restated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday. Finally, Truist Financial lowered their target price on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Independent Bank Group presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IBTX. SG Americas Securities LLC increased its stake in Independent Bank Group by 137.5% in the 3rd quarter. SG Americas Securities LLC now owns 23,217 shares of the bank’s stock worth $918,000 after buying an additional 13,443 shares during the period. Callahan Advisors LLC purchased a new position in Independent Bank Group during the 3rd quarter valued at about $201,000. Cambridge Investment Research Advisors Inc. increased its position in Independent Bank Group by 1.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after purchasing an additional 295 shares during the period. Tectonic Advisors LLC increased its position in Independent Bank Group by 96.9% during the 3rd quarter. Tectonic Advisors LLC now owns 16,596 shares of the bank’s stock valued at $656,000 after purchasing an additional 8,168 shares during the period. Finally, Raymond James & Associates increased its position in Independent Bank Group by 5.8% during the 3rd quarter. Raymond James & Associates now owns 16,282 shares of the bank’s stock valued at $644,000 after purchasing an additional 891 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Stock Down 3.2 %

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1.67 billion, a PE ratio of 38.99 and a beta of 1.33. The business’s 50-day simple moving average is $43.49 and its 200 day simple moving average is $43.63.

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.