Independent Bank Group (NASDAQ:IBTX) Price Target Cut to $46.00 by Analysts at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its price target decreased by Truist Financial from $52.00 to $46.00 in a research note released on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

A number of other equities research analysts also recently commented on IBTX. Raymond James lifted their price objective on Independent Bank Group from $56.00 to $59.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Hovde Group lowered their price target on Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a report on Wednesday. StockNews.com raised shares of Independent Bank Group to a sell rating in a research note on Thursday, January 25th. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a research report on Wednesday, January 24th. Finally, Stephens reaffirmed an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank Group has an average rating of Hold and a consensus target price of $49.83.

Independent Bank Group Trading Down 3.8 %

Shares of IBTX stock opened at $39.26 on Thursday. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 15.52 and a beta of 1.33. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $43.32 and a 200 day moving average price of $43.62. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business 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 10.96% and a return on equity of 4.97%. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 earnings per share. Research analysts forecast that Independent Bank Group will post 2.79 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Trading of Independent Bank Group

A number of institutional investors and hedge funds have recently bought and sold shares of IBTX. Vanguard Group Inc. lifted its position in Independent Bank Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after buying an additional 22,245 shares in the last quarter. FMR LLC raised its stake in shares of 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 acquiring an additional 414,666 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after acquiring an additional 35,806 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Independent Bank Group by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock worth $29,064,000 after purchasing an additional 4,494 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Company Profile

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.