Analysts Set Independent Bank Group, Inc. (NASDAQ:IBTX) PT at $52.33

Independent Bank Group, Inc. (NASDAQ:IBTX) has been given an average rating of “Moderate Buy” by the six analysts that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $52.33.

Several research firms have commented on IBTX. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Hovde Group cut their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday, April 24th. Truist Financial reissued a “hold” rating and set a $50.00 target price (up previously from $46.00) on shares of Independent Bank Group in a report on Wednesday, May 29th. Keefe, Bruyette & Woods cut their price target on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, StockNews.com began coverage on Independent Bank Group in a research note on Sunday. They set a “sell” rating on the stock.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. Headlands Technologies LLC bought a new stake in shares of Independent Bank Group during the 1st quarter valued at about $30,000. Fidelis Capital Partners LLC bought a new stake in Independent Bank Group during the first quarter valued at approximately $33,000. GAMMA Investing LLC purchased a new position in Independent Bank Group in the 4th quarter worth approximately $47,000. NBC Securities Inc. increased its holdings in shares of Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after buying an additional 275 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Independent Bank Group by 51.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after buying an additional 925 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Group Trading Up 0.3 %

Shares of IBTX stock opened at $43.86 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.81 billion, a P/E ratio of 17.34 and a beta of 1.41. The company has a 50 day moving average of $42.89 and a 200-day moving average of $45.22. Independent Bank Group has a 12-month low of $34.30 and a 12-month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released 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 business had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. During the same period last year, the business posted $1.07 earnings per share. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. Sell-side analysts anticipate that Independent Bank Group will post 2.56 earnings per share for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were given a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.47%. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

About Independent Bank Group

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.