Truist Financial Boosts Independent Bank Group (NASDAQ:IBTX) Price Target to $66.00

Independent Bank Group (NASDAQ:IBTX) had its price target lifted by Truist Financial from $65.00 to $66.00 in a research note published on Friday, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Several other research firms have also recently issued reports on IBTX. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a research report on Monday, July 29th. StockNews.com started coverage on shares of Independent Bank Group in a research note on Thursday, September 19th. They set a sell rating on the stock. Finally, Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and raised their price objective for the company from $38.00 to $58.00 in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $58.33.

Independent Bank Group Trading Down 0.1 %

Shares of Independent Bank Group stock opened at $58.80 on Friday. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 23.24 and a beta of 1.38. Independent Bank Group has a 52-week low of $34.50 and a 52-week high of $61.76. The company’s 50-day simple moving average is $56.00 and its 200-day simple moving average is $47.88. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the previous year, the firm posted $0.82 EPS. As a group, equities research analysts anticipate that Independent Bank Group will post 2.86 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) 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. Magnetar Financial LLC acquired a new position in Independent Bank Group during the second quarter worth about $14,146,000. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $5,491,000. Dimensional Fund Advisors LP raised its position in shares of Independent Bank Group by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after purchasing an additional 39,091 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after buying an additional 35,806 shares in the last quarter. Finally, Edgestream Partners L.P. grew its holdings in Independent Bank Group by 72.0% during the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after buying an additional 28,579 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.