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

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 trading hands.

The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. Independent Bank Group’s revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Independent Bank Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after buying an additional 22,245 shares in the last quarter. FMR LLC lifted its position in shares of Independent Bank Group by 12.6% during the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Independent Bank Group by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Independent Bank Group by 0.6% during the third quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock valued at $29,064,000 after purchasing an additional 4,494 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

Independent Bank Group Price Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average is $43.49 and its two-hundred day moving average is $43.63. The company has a market capitalization of $1.67 billion, a P/E ratio of 38.99 and a beta of 1.33.

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.