Independent Bank Group Inc (NASDAQ:IBTX) was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 1,690,000 shares, a decrease of 54.1% from the June 15th total of 3,680,000 shares. Based on an average daily volume of 1,090,000 shares, the short-interest ratio is currently 1.6 days. Currently, 4.7% of the company’s shares are short sold.
A number of analysts recently weighed in on the stock. Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $59.00 to $42.00 in a research note on Wednesday, May 27th. Zacks Investment Research raised shares of Independent Bank Group from a “sell” rating to a “hold” rating and set a $47.00 price objective for the company in a research note on Wednesday. SunTrust Banks upped their price objective on shares of Independent Bank Group from $29.00 to $35.00 and gave the stock a “hold” rating in a research note on Tuesday, May 19th. Piper Sandler lowered their price target on shares of Independent Bank Group from $46.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Finally, BidaskClub upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Independent Bank Group currently has an average rating of “Hold” and a consensus price target of $44.33.
In other news, COO James C. White sold 2,000 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $28.97, for a total value of $57,940.00. Following the transaction, the chief operating officer now directly owns 16,089 shares in the company, valued at $466,098.33. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 10.90% of the company’s stock.
Institutional investors have recently modified their holdings of the business. NumerixS Investment Technologies Inc acquired a new position in shares of Independent Bank Group in the fourth quarter worth about $50,000. Great West Life Assurance Co. Can acquired a new position in shares of Independent Bank Group during the 4th quarter worth about $144,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Independent Bank Group by 14.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,427 shares of the bank’s stock worth $81,000 after purchasing an additional 438 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Independent Bank Group during the 4th quarter worth about $210,000. Finally, King Luther Capital Management Corp purchased a new stake in Independent Bank Group during the 4th quarter valued at about $237,000. Institutional investors and hedge funds own 69.80% of the company’s stock.
NASDAQ:IBTX traded down $0.74 during mid-day trading on Friday, hitting $38.29. The company’s stock had a trading volume of 357,502 shares, compared to its average volume of 1,252,469. Independent Bank Group has a 1 year low of $20.35 and a 1 year high of $63.16. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 8.23 and a beta of 1.97. The business’s fifty day moving average is $37.74 and its two-hundred day moving average is $41.02.
Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, April 27th. The bank reported $1.03 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.03). The business had revenue of $137.75 million during the quarter, compared to analysts’ expectations of $140.70 million. Independent Bank Group had a net margin of 27.36% and a return on equity of 9.10%. Analysts anticipate that Independent Bank Group will post 3.96 EPS for the current fiscal year.
About Independent Bank Group
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 offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.
Read More: What is a Derivative?
Receive News & Ratings for Independent Bank Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Group and related companies with MarketBeat.com's FREE daily email newsletter.