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

Independent Bank Group, Inc. (NASDAQ:IBTX)’s stock price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. 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 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 10.96% and a return on equity of 4.99%. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be paid a $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.72%. Independent Bank Group’s payout ratio is 146.15%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on IBTX shares. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Stephens reiterated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday. Truist Financial reduced 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 research note on Monday, April 1st. Hovde Group reduced their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday. Finally, Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $48.00 to $38.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $50.83.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Dallas Securities Inc. purchased a new position in Independent Bank Group in the 1st quarter worth approximately $1,061,000. NBC Securities Inc. lifted its holdings in shares of Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after acquiring an additional 275 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after acquiring an additional 22,245 shares during the last quarter. Trail Ridge Investment Advisors LLC bought a new stake in shares of Independent Bank Group in the 4th quarter worth approximately $234,000. Finally, Rafferty Asset Management LLC lifted its holdings in shares of Independent Bank Group by 58.2% in the 4th quarter. Rafferty Asset Management LLC now owns 58,428 shares of the bank’s stock worth $2,973,000 after acquiring an additional 21,501 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Trading Up 0.7 %

The stock has a market capitalization of $1.68 billion, a P/E ratio of 39.25 and a beta of 1.33. 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 stock’s fifty day moving average price is $43.41 and its two-hundred day moving average price is $43.64.

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.