Independent Bank Group (NASDAQ:IBTX) Cut to Underweight at Piper Sandler

Piper Sandler cut shares of Independent Bank Group (NASDAQ:IBTX) from a neutral rating to an underweight rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage currently has $38.00 target price on the bank’s stock, down from their prior target price of $48.00.

IBTX has been the subject of a number of other research reports. Stephens reissued an overweight rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday. StockNews.com raised shares of Independent Bank Group to a sell rating in a research report on Thursday, January 25th. Raymond James boosted their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods lifted their target price on 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, Truist Financial cut their price target on Independent Bank Group from $58.00 to $52.00 and set a buy rating for the company in a report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $48.33.

Independent Bank Group Stock Performance

IBTX opened at $39.34 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $1.63 billion, a PE ratio of 15.55 and a beta of 1.33. The stock has a 50-day moving average of $43.17 and a 200-day moving average of $43.59. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter in the prior year, the business earned $1.07 earnings per share. The company’s revenue was down 15.3% on a year-over-year basis. As a group, equities research analysts forecast that Independent Bank Group will post 2.63 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its position in Independent Bank Group by 12.6% in the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Independent Bank Group during the 3rd quarter worth approximately $6,326,000. First Dallas Securities Inc. acquired a new position in Independent Bank Group in the third quarter valued at approximately $3,996,000. Dimensional Fund Advisors LP grew its holdings in Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after acquiring an additional 40,112 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of 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 purchasing an additional 35,806 shares during the period. 77.90% of the stock is owned by institutional investors.

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.