Independent Bank Group (NASDAQ:IBTX) Shares Gap Up After Better-Than-Expected Earnings

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 changing hands.

The bank reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. Independent Bank Group's quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IBTX shares. Truist Financial cut their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a "buy" rating for the company in a report on Monday, April 1st. StockNews.com upgraded shares of Independent Bank Group to a "sell" rating in a report on Thursday, January 25th. Raymond James raised their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an "outperform" rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an "outperform" rating in a report on Wednesday, January 24th. Finally, Stephens reaffirmed an "overweight" rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.00.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently made changes to their positions in IBTX. FMR LLC boosted its position in Independent Bank Group by 12.6% in the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank's stock valued at $146,792,000 after buying an additional 414,666 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Independent Bank Group in the third quarter valued at about $6,326,000. First Dallas Securities Inc. purchased a new stake in shares of Independent Bank Group in the third quarter valued at about $3,996,000. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank's stock worth $107,588,000 after buying an additional 40,112 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Independent Bank Group by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank's stock worth $39,211,000 after buying an additional 35,806 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

Independent Bank Group Trading Down 3.2 %

The stock has a market cap of $1.67 billion, a PE ratio of 38.99 and a beta of 1.33. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The business's fifty day moving average is $43.49 and its 200 day moving average is $43.63.

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.