Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $58.17 Consensus Target Price from Analysts

Independent Bank Group, Inc. (NASDAQ:IBTX) has been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $58.17.

A number of brokerages recently weighed in on IBTX. Truist Financial raised their target price on shares of 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 lifted their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Finally, StockNews.com began coverage on Independent Bank Group in a research report on Wednesday. They set a “sell” rating on the stock.

Institutional Trading of Independent Bank Group

Several hedge funds have recently added to or reduced their stakes in IBTX. Charles Schwab Investment Management Inc. increased its holdings in shares of Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after buying an additional 28,395 shares during the period. BNP Paribas Financial Markets lifted its position in Independent Bank Group by 33.0% in the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 6,203 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares during the period. Weil Company Inc. bought a new position in shares of Independent Bank Group in the fourth quarter worth approximately $252,000. Finally, Relative Value Partners Group LLC bought a new position in shares of Independent Bank Group in the fourth quarter worth approximately $217,000. 77.90% of the stock is owned by institutional investors.

Independent Bank Group Trading Down 0.9 %

Independent Bank Group stock opened at $54.81 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current 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. The stock has a market cap of $2.27 billion, a P/E ratio of 21.66 and a beta of 1.38. The firm’s fifty day moving average price is $54.21 and its 200-day moving average price is $47.04.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same period in the prior year, the company earned $0.82 EPS. Equities research analysts forecast that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio is currently 60.08%.

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.