Independent Bank Group (NASDAQ:IBTX) Issues Earnings Results

Independent Bank Group (NASDAQ:IBTX – Get Rating) issued its quarterly earnings results on Tuesday. The bank reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.08), MarketWatch Earnings reports. Independent Bank Group had a return on equity of 8.77% and a net margin of 31.47%. During the same period last year, the firm posted $1.28 EPS.

Independent Bank Group Stock Performance

NASDAQ IBTX opened at $61.33 on Tuesday. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 12.36 and a beta of 1.41. Independent Bank Group has a twelve month low of $56.22 and a twelve month high of $79.14. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $61.79 and a 200 day moving average of $65.45.

Wall Street Analyst Weigh In

IBTX has been the subject of a number of research reports. StockNews.com cut Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 18th. Hovde Group cut Independent Bank Group from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $82.50 to $70.00 in a report on Wednesday, October 26th. Finally, Truist Financial decreased their price objective on Independent Bank Group from $74.00 to $70.00 in a report on Friday, December 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Independent Bank Group currently has a consensus rating of “Hold” and a consensus price target of $73.75.

Hedge Funds Weigh In On Independent Bank Group

A number of large investors have recently bought and sold shares of IBTX. JPMorgan Chase & Co. raised its holdings in Independent Bank Group by 0.9% in the 1st quarter. JPMorgan Chase & Co. now owns 121,723 shares of the bank’s stock worth $8,662,000 after purchasing an additional 1,035 shares during the period. Raymond James & Associates purchased a new stake in Independent Bank Group during the 1st quarter worth approximately $336,000. Citigroup Inc. increased its stake in Independent Bank Group by 12.6% during the 1st quarter. Citigroup Inc. now owns 32,838 shares of the bank’s stock worth $2,337,000 after buying an additional 3,680 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in Independent Bank Group during the 1st quarter worth approximately $415,000. Finally, MetLife Investment Management LLC increased its stake in Independent Bank Group by 52.6% during the 1st quarter. MetLife Investment Management LLC now owns 19,897 shares of the bank’s stock worth $1,416,000 after buying an additional 6,859 shares in the last quarter. Institutional investors and hedge funds own 75.83% of the company’s stock.

About Independent Bank Group

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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.