Analysts Set Independent Bank Group, Inc. (NASDAQ:IBTX) PT at $58.17

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $58.17.

Several equities analysts have recently weighed in on the company. StockNews.com assumed coverage on Independent Bank Group in a report on Sunday. They issued a “sell” rating for the company. Truist Financial raised their price target on Independent Bank Group from $48.00 to $65.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $58.00 in a report on Friday, May 31st. Finally, Stephens restated an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a report on Tuesday, April 23rd.

Independent Bank Group Stock Up 0.8 %

Independent Bank Group stock opened at $55.44 on Tuesday. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 21.91 and a beta of 1.41. The company’s 50 day simple moving average is $49.60 and its 200 day simple moving average is $45.60. 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 has a fifty-two week low of $34.50 and a fifty-two week high of $60.53.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The company had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 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 in the prior year, the company earned $0.82 earnings per share. As a group, sell-side analysts anticipate that Independent Bank Group will post 2.69 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds have recently bought and sold shares of the stock. Magnetar Financial LLC bought a new position in shares of Independent Bank Group during the second quarter worth approximately $14,146,000. Silver Lake Advisory LLC acquired a new position in Independent Bank Group in the 2nd quarter valued at $5,491,000. Dimensional Fund Advisors LP lifted its position in shares of 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 valued at $107,588,000 after acquiring an additional 40,112 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Finally, Edgestream Partners L.P. increased its position in shares of Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after purchasing an additional 28,579 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.