Independent Bank Group (NASDAQ:IBTX) Sees Strong Trading Volume – What’s Next?

Independent Bank Group, Inc. (NASDAQ:IBTX) shares saw unusually-strong trading volume on Tuesday . Approximately 486,023 shares traded hands during trading, an increase of 98% from the previous session’s volume of 245,372 shares.The stock last traded at $60.64 and had previously closed at $60.39.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. StockNews.com started coverage on Independent Bank Group in a research note on Tuesday, December 24th. They issued a “sell” rating on the stock. Truist Financial lowered 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 research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One investment 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Trading Up 0.1 %

The company has a market cap of $2.50 billion, a price-to-earnings ratio of -5.78 and a beta of 1.39. The business’s fifty day moving average price is $63.13 and its 200 day moving average price is $57.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter last year, the firm posted $0.79 EPS. Research analysts anticipate that Independent Bank Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.52%. Independent Bank Group’s payout ratio is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently added to or reduced their stakes in IBTX. Versor Investments LP bought a new position in shares of Independent Bank Group in the 2nd quarter worth $1,296,000. Victory Capital Management Inc. lifted its stake in shares of Independent Bank Group by 5.5% in the second quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock valued at $713,000 after buying an additional 810 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Independent Bank Group by 11.5% during the second quarter. Texas Permanent School Fund Corp now owns 35,042 shares of the bank’s stock valued at $1,595,000 after buying an additional 3,609 shares during the last quarter. American Century Companies Inc. increased its position in shares of Independent Bank Group by 12.0% during the second quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock worth $2,951,000 after acquiring an additional 6,951 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised 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 acquiring an additional 39,091 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.