Independent Bank Group (NASDAQ:IBTX) Sees Strong Trading Volume - What's Next?

Independent Bank Group, Inc. (NASDAQ:IBTX) experienced a significant surge in trading volume recently, with approximately 486,023 shares exchanged during the trading session on Tuesday. This marks an impressive increase of 98% compared to the previous day, which saw only 245,372 shares traded. The stock was last seen at $60.64, following a prior close of $60.39.

Wall Street Analysts Forecast Growth

Several financial analysts have recently expressed their views on Independent Bank Group. StockNews.com initiated coverage of the company with a "sell" rating in a report published on December 24th. On the other hand, Truist Financial revised their price target for IBTX from $66.00 to $63.00, classifying the stock as a "hold" in their report released on October 23rd. Keefe, Bruyette & Woods also weighed in, raising their target price significantly from $72.00 to $81.00 and assigning the company an "outperform" rating in a report dated December 4th. Overall, one investment analyst has assigned a sell rating, two have given it a hold rating, while four have recommended a buy, leading to an average rating of "Hold" with a target price of $60.33 based on data from MarketBeat.

Independent Bank Group Trading Performance

The company boasts a market capitalization of $2.50 billion, a price-to-earnings ratio of -5.78, and a beta of 1.39. Its moving average price is currently $63.13 for the last fifty days and $57.11 over the past 200 days. Additionally, the firm has a debt-to-equity ratio of 0.26, with both its current and quick ratios standing at 0.97.

Independent Bank Group's recent quarterly earnings report, released on October 21st, revealed an earnings per share (EPS) of $0.50, which fell short of the analysts' consensus estimate of $0.71 by $0.21. The bank reported a negative net margin of 43.45% along with a return on equity of 4.49%. Revenue for the quarter totaled $255.18 million, significantly exceeding the forecast of $124.48 million. In the same quarter a year prior, the bank had reported an EPS of $0.79. Analysts project that Independent Bank Group will achieve an EPS of 2.7 for the current fiscal year.

Independent Bank Group Declares Dividend

The company recently announced a quarterly dividend of $0.38 per share, which was paid on November 14th to shareholders on record as of October 31st. The ex-dividend date was also October 31st. This dividend translates to an annualized amount of $1.52, yielding 2.52%. As of now, the company's payout ratio stands at -14.53%.

Involvement of Hedge Funds in Independent Bank Group

Recent changes in institutional investor activity show several hedge funds and institutions have either increased or decreased their stakes in IBTX. For example, Versor Investments LP acquired a new position in the bank during the second quarter, valued at $1,296,000. Victory Capital Management Inc. raised its stake by 5.5%, culminating in ownership of 15,658 shares after purchasing an additional 810 shares. Texas Permanent School Fund Corp also expanded its holdings by 11.5%, now controlling 35,042 shares worth $1,595,000. Moreover, American Century Companies Inc. boosted its position by 12.0%, now owning 64,837 shares valued at $2,951,000, after acquiring 6,951 extra shares. Finally, Dimensional Fund Advisors LP increased its holdings by 1.7% in the second quarter, totaling 2,316,743 shares valued at approximately $105,456,000. Presently, institutional investors and hedge funds control about 77.90% of the stock.

About Independent Bank Group

Independent Bank Group, Inc., through its subsidiary, Independent Bank, delivers various commercial banking products and services to individuals, businesses, and professionals across the United States. The bank offers various deposit products that include checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.

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