Independent Bank Group (NASDAQ:IBTX) Shares Gap Down Following Analyst Downgrade

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) gapped down before the market opened on Wednesday after Truist Financial lowered their price target on the stock from $52.00 to $46.00. The stock had previously closed at $40.55, but opened at $39.26. Truist Financial currently has a buy rating on the stock. Independent Bank Group shares last traded at $40.92, with a volume of 31,181 shares changing hands.

A number of other analysts have also recently issued reports on the stock. Raymond James increased their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Stephens reissued an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday. Piper Sandler cut shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $48.00 to $38.00 in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Finally, Hovde Group dropped 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 research report on Wednesday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.83.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank Group by 9.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 400,398 shares of the bank’s stock worth $15,836,000 after acquiring an additional 33,952 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Independent Bank Group during the third quarter valued at $6,326,000. Illinois Municipal Retirement Fund bought a new position in Independent Bank Group during the third quarter valued at $869,000. PNC Financial Services Group Inc. lifted its position in Independent Bank Group by 51.3% during the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after purchasing an additional 925 shares during the last quarter. Finally, Swiss National Bank lifted its position in Independent Bank Group by 1.0% during the third quarter. Swiss National Bank now owns 81,722 shares of the bank’s stock valued at $3,232,000 after purchasing an additional 800 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Independent Bank Group Stock Down 3.8 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50-day simple moving average is $43.32 and its 200 day simple moving average is $43.62. The firm has a market cap of $1.62 billion, a P/E ratio of 15.52 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating 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 business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter last year, the business earned $1.07 earnings per share. Independent Bank Group’s quarterly revenue was down 15.3% compared to the same quarter last year. Research analysts anticipate that Independent Bank Group, Inc. will post 2.88 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.87%. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

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.