Independent Bank Group (NASDAQ:IBTX) Given New $72.00 Price Target at Keefe, Bruyette & Woods

Independent Bank Group (NASDAQ:IBTX) had its price objective boosted by stock analysts at Keefe, Bruyette & Woods from $69.00 to $72.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 9.49% from the company’s current price.

A number of other analysts have also issued reports on IBTX. StockNews.com assumed coverage on shares of Independent Bank Group in a research note on Wednesday. They set a “sell” rating on the stock. Truist Financial dropped their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $58.83.

Independent Bank Group Stock Down 0.9 %

Shares of IBTX traded down $0.57 during mid-day trading on Thursday, reaching $65.76. 21,971 shares of the stock traded hands, compared to its average volume of 238,179. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of -6.29 and a beta of 1.38. The stock has a fifty day simple moving average of $58.05 and a 200 day simple moving average of $51.28. Independent Bank Group has a 12-month low of $35.25 and a 12-month high of $66.41. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same quarter in the prior year, the business earned $0.79 EPS. Sell-side analysts expect that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its holdings in Independent Bank Group by 6.3% in the third quarter. Empowered Funds LLC now owns 107,275 shares of the bank’s stock worth $6,185,000 after purchasing an additional 6,363 shares during the period. CIBC Asset Management Inc acquired a new position in Independent Bank Group in the third quarter worth $204,000. Versor Investments LP boosted its holdings in Independent Bank Group by 0.7% in the third quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock worth $1,652,000 after purchasing an additional 186 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Independent Bank Group during the third quarter valued at $273,000. Finally, Blue Trust Inc. boosted its holdings in shares of Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after acquiring an additional 820 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.