Independent Bank Group (NASDAQ:IBTX) Given New $66.00 Price Target at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its price target increased by equities research analysts at Truist Financial from $65.00 to $66.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective points to a potential upside of 11.15% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and raised their price target for the company from $38.00 to $58.00 in a report on Friday, May 31st. Finally, StockNews.com began coverage on shares of Independent Bank Group in a report on Thursday. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Independent Bank Group presently has an average rating of “Hold” and a consensus price target of $58.33.

Independent Bank Group Stock Down 2.7 %

NASDAQ:IBTX traded down $1.62 on Friday, reaching $59.38. 109,873 shares of the stock traded hands, compared to its average volume of 244,786. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 23.47 and a beta of 1.38. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $61.76. The company’s fifty day simple moving average is $55.68 and its 200 day simple moving average is $47.63.

Independent Bank Group (NASDAQ:IBTX) last announced 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 the consensus estimate 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 last year, the firm earned $0.82 earnings per share. Equities analysts predict that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IBTX. Vanguard Group Inc. raised its holdings in Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after purchasing an additional 22,245 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank Group by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after buying an additional 39,091 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake 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 valued at $39,211,000 after acquiring an additional 35,806 shares during the period. Charles Schwab Investment Management Inc. raised its stake in 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 worth $21,817,000 after acquiring an additional 28,395 shares during the period. Finally, Magnetar Financial LLC purchased a new position in Independent Bank Group during the second quarter valued at approximately $14,146,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.