Independent Bank Group (NASDAQ:IBTX) Price Target Cut to $63.00

Independent Bank Group (NASDAQ:IBTX) had its price objective dropped by equities research analysts at Truist Financial from $66.00 to $63.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s price objective would indicate a potential upside of 6.91% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. StockNews.com initiated coverage on Independent Bank Group in a research report on Monday. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank Group currently has a consensus rating of “Hold” and a consensus target price of $57.83.

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $58.93 on Wednesday. The stock has a market capitalization of $2.44 billion, a P/E ratio of 23.29 and a beta of 1.38. The business has a 50 day simple moving average of $57.51 and a two-hundred day simple moving average of $50.07. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $62.25. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). The firm had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same quarter last year, the business earned $0.79 EPS. As a group, analysts predict that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. Headlands Technologies LLC acquired a new stake in Independent Bank Group during the first quarter worth $30,000. Fidelis Capital Partners LLC acquired a new stake in Independent Bank Group during the first quarter worth $33,000. Blue Trust Inc. increased its stake in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after acquiring an additional 820 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Independent Bank Group during the first quarter worth $203,000. Finally, AQR Capital Management LLC acquired a new stake in Independent Bank Group during the second quarter worth $212,000. 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.