Independent Bank Group, Inc. (NASDAQ:IBTX) Short Interest Update

Independent Bank Group, Inc. (NASDAQ:IBTX) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,310,000 shares, a growth of 10.1% from the August 15th total of 1,190,000 shares. Approximately 3.7% of the company’s shares are sold short. Based on an average daily volume of 236,400 shares, the short-interest ratio is currently 5.5 days.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds have recently bought and sold shares of the business. Brown Brothers Harriman & Co. bought a new stake in Independent Bank Group during the first quarter worth about $38,000. Fifth Third Bancorp bought a new position in shares of Independent Bank Group in the first quarter worth approximately $26,000. Venturi Wealth Management LLC bought a new position in shares of Independent Bank Group in the first quarter worth approximately $31,000. Exchange Traded Concepts LLC bought a new position in shares of Independent Bank Group in the first quarter worth approximately $33,000. Finally, Cerity Partners LLC bought a new position in shares of Independent Bank Group in the first quarter worth approximately $2,436,000. Institutional investors own 74.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank Group from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 25th. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research report on Thursday. Piper Sandler restated a “neutral” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Independent Bank Group in a research report on Wednesday, July 26th. Stephens restated an “overweight” rating and issued a $41.00 price objective on shares of Independent Bank Group in a research report on Tuesday, July 25th. Finally, Truist Financial boosted their price objective on shares of Independent Bank Group from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $50.40.

Independent Bank Group Trading Down 1.0 %

Shares of NASDAQ IBTX traded down $0.40 during midday trading on Monday, hitting $40.15. 198,702 shares of the company traded hands, compared to its average volume of 258,079. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $70.97. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a 50-day moving average price of $41.48 and a 200 day moving average price of $40.44. The firm has a market cap of $1.66 billion, a P/E ratio of 18.67 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.82 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.08). Independent Bank Group had a return on equity of 7.71% and a net margin of 10.68%. The business had revenue of $127.70 million for the quarter, compared to the consensus estimate of $139.17 million. During the same period in the previous year, the firm earned $1.27 EPS. The company’s revenue was down 22.4% on a year-over-year basis. As a group, analysts expect that Independent Bank Group will post 3.31 earnings per share for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Thursday, August 3rd were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Wednesday, August 2nd. Independent Bank Group’s payout ratio is currently 70.70%.

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.