Independent Bank Group (NASDAQ:IBTX) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Independent Bank Group (NASDAQ:IBTX) had its price objective hoisted by equities research analysts at Keefe, Bruyette & Woods from $72.00 to $81.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 21.17% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. StockNews.com started coverage on Independent Bank Group in a research report on Saturday, November 30th. They issued a “sell” rating on the stock. Truist Financial lowered their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and a consensus price target of $60.33.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $66.85 on Wednesday. Independent Bank Group has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The company has a 50 day simple moving average of $61.41 and a two-hundred day simple moving average of $54.81. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -6.39 and a beta of 1.39. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The business had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. During the same period in the prior year, the business posted $0.79 EPS. Analysts expect that Independent Bank Group will post 2.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently bought and sold shares of IBTX. Blue Trust Inc. increased its position in shares of Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after purchasing an additional 820 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Independent Bank Group during the 3rd quarter valued at about $204,000. Hancock Whitney Corp purchased a new stake in shares of Independent Bank Group during the 3rd quarter valued at about $222,000. AQR Capital Management LLC purchased a new stake in shares of Independent Bank Group during the 2nd quarter valued at about $212,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Independent Bank Group during the 3rd quarter valued at about $273,000. Hedge funds and other 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.