Independent Bank Group (NASDAQ:IBTX) Price Target Cut to $48.00

Independent Bank Group (NASDAQ:IBTX) had its price target cut by Truist Financial from $50.00 to $48.00 in a report published on Monday, Benzinga reports. They currently have a hold rating on the bank’s stock.

Several other research firms have also recently commented on IBTX. StockNews.com assumed coverage on shares of Independent Bank Group in a report on Monday, July 1st. They set a sell rating for the company. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a report on Friday, April 26th. Hovde Group lowered their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a report on Wednesday, April 24th. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and upped their target price for the company from $38.00 to $58.00 in a report on Friday, May 31st. Finally, Stephens reiterated an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Independent Bank Group currently has a consensus rating of Hold and an average price target of $53.83.

Independent Bank Group Trading Up 5.5 %

NASDAQ IBTX opened at $49.32 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group has a 52 week low of $34.50 and a 52 week high of $53.25. The stock has a market capitalization of $2.04 billion, a PE ratio of 19.49 and a beta of 1.41. The firm has a 50 day moving average of $44.24 and a two-hundred day moving average of $45.06.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter in the previous year, the business posted $1.07 EPS. The firm’s revenue was down 15.3% on a year-over-year basis. As a group, research analysts expect that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were issued a $0.38 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.08%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of large investors have recently added to or reduced their stakes in IBTX. Hsbc Holdings PLC boosted its stake in shares of Independent Bank Group by 10.1% during the 4th quarter. Hsbc Holdings PLC now owns 11,353 shares of the bank’s stock worth $584,000 after purchasing an additional 1,046 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Independent Bank Group in the third quarter worth approximately $6,326,000. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after acquiring an additional 40,112 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Independent Bank Group by 33.0% in the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock worth $1,271,000 after acquiring an additional 6,203 shares during the last quarter. Finally, First Dallas Securities Inc. acquired a new stake in shares of Independent Bank Group in the first quarter worth approximately $1,061,000. 77.90% of the stock is owned by institutional investors and hedge funds.

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.