Independent Bank Group, Inc. (NASDAQ:IBTX) Sees Large Increase in Short Interest

Independent Bank Group, Inc. (NASDAQ:IBTX) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,730,000 shares, a growth of 11.6% from the October 15th total of 1,550,000 shares. Approximately 4.8% of the shares of the stock are short sold. Based on an average trading volume of 179,500 shares, the days-to-cover ratio is currently 9.6 days.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IBTX. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. StockNews.com assumed coverage on shares of Independent Bank Group in a research note on Thursday. They set a “sell” rating on the stock. Finally, Truist Financial dropped their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Trading Down 0.6 %

Independent Bank Group stock traded down $0.35 during mid-day trading on Monday, hitting $63.22. 142,756 shares of the company’s stock were exchanged, compared to its average volume of 238,624. The company’s 50 day simple moving average is $59.05 and its 200-day simple moving average is $52.61. 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 $2.62 billion, a P/E ratio of -6.08 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $36.16 and a fifty-two week high of $67.92.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same period in the prior year, the firm posted $0.79 earnings per share. On average, equities analysts anticipate that Independent Bank Group will post 2.51 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors 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 dividend yield of 2.40%. Independent Bank Group’s payout ratio is presently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

Several institutional investors have recently bought and sold shares of IBTX. Magnetar Financial LLC bought a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $14,146,000. FMR LLC grew its position in Independent Bank Group by 8.1% in the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after purchasing an additional 279,112 shares in the last quarter. Silver Lake Advisory LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at $5,491,000. Edgestream Partners L.P. acquired a new stake in Independent Bank Group in the 3rd quarter valued at $3,521,000. Finally, Westchester Capital Management LLC lifted its position in Independent Bank Group by 15.5% during the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after buying an additional 40,944 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

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.