Truist Financial Increases Independent Bank Group (NASDAQ:IBTX) Price Target to $66.00

Independent Bank Group (NASDAQ:IBTX) had its target price hoisted by research analysts at Truist Financial from $65.00 to $66.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would suggest a potential upside of 12.19% from the stock’s current price.

IBTX has been the topic of a number of other research reports. StockNews.com initiated coverage on Independent Bank Group in a research note on Thursday. They issued a “sell” rating on the stock. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Finally, Keefe, Bruyette & Woods lifted 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. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $58.33.

Independent Bank Group Stock Down 3.6 %

NASDAQ IBTX opened at $58.83 on Friday. The stock’s 50 day moving average is $55.86 and its 200 day moving average is $47.76. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $61.76. The stock has a market cap of $2.43 billion, a PE ratio of 23.25 and a beta of 1.38.

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

Hedge Funds Weigh In On Independent Bank Group

Several large investors have recently modified their holdings of IBTX. Charles Schwab Investment Management Inc. increased its position in shares of Independent Bank Group by 7.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after purchasing an additional 28,395 shares during the last quarter. BNP Paribas Financial Markets grew its position in Independent Bank Group by 33.0% in the 4th quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock valued at $1,271,000 after acquiring an additional 6,203 shares during the last quarter. Relative Value Partners Group LLC bought a new position in Independent Bank Group in the 4th quarter valued at $217,000. The Manufacturers Life Insurance Company grew its position in 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 acquiring an additional 35,806 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its position in Independent Bank Group by 58.2% in the 4th quarter. Rafferty Asset Management LLC now owns 58,428 shares of the bank’s stock valued at $2,973,000 after acquiring an additional 21,501 shares during the last quarter. 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.