Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) Target Price at $58.83

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned a consensus rating of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $58.83.

A number of analysts have recently issued reports on IBTX shares. Truist Financial cut 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 report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, StockNews.com assumed coverage on shares of Independent Bank Group in a report on Friday, November 22nd. They issued a “sell” rating for the company.

Independent Bank Group Stock Up 0.1 %

Shares of NASDAQ IBTX opened at $67.26 on Thursday. The company has a 50 day simple moving average of $60.21 and a 200-day simple moving average of $53.78. The company has a market capitalization of $2.79 billion, a P/E ratio of -6.43 and a beta of 1.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group has a 1 year low of $36.16 and a 1 year high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results 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 analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same quarter in the prior year, the business earned $0.79 EPS. On average, equities research analysts predict that Independent Bank Group will post 2.7 earnings per share for the current year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.26%. Independent Bank Group’s dividend payout ratio is presently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. Blue Trust Inc. boosted its position in Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares during the period. SG Americas Securities LLC purchased a new position in Independent Bank Group in the 1st quarter valued at approximately $203,000. CIBC Asset Management Inc purchased a new position in Independent Bank Group in the 3rd quarter valued at approximately $204,000. AQR Capital Management LLC purchased a new position in Independent Bank Group in the 2nd quarter valued at approximately $212,000. Finally, Hancock Whitney Corp purchased a new position in Independent Bank Group in the 3rd quarter valued at approximately $222,000. Hedge funds and other institutional investors 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.