Independent Bank Group (NASDAQ:IBTX) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of Independent Bank Group (NASDAQ:IBTX) in a report issued on Sunday. The firm set a “sell” rating on the bank’s stock.

A number of other brokerages have also recently issued reports on IBTX. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $60.60.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX opened at $60.67 on Friday. Independent Bank Group has a twelve month low of $36.47 and a twelve month high of $68.66. The stock’s 50 day moving average is $62.53 and its 200-day moving average is $59.63. 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 firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.80 and a beta of 1.39.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors and hedge funds have recently modified their holdings of IBTX. Blue Trust Inc. increased its holdings in shares of Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after buying an additional 820 shares during the last quarter. Collier Financial purchased a new position in Independent Bank Group in the fourth quarter worth $75,000. KBC Group NV increased its stake in Independent Bank Group by 38.5% in the fourth quarter. KBC Group NV now owns 1,984 shares of the bank’s stock valued at $120,000 after acquiring an additional 552 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Independent Bank Group during the third quarter valued at about $204,000. Finally, AQR Capital Management LLC bought a new stake in Independent Bank Group during the second quarter worth about $212,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.