Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $57.83 Consensus Target Price from Analysts

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have been given an average rating of “Moderate Buy” by the six research firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $57.83.

A number of equities analysts have recently commented on the stock. Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a research report on Tuesday. They set a “sell” rating for the company.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $58.36 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 52 week low of $34.50 and a 52 week high of $62.25. The firm has a fifty day moving average of $57.80 and a two-hundred day moving average of $50.61. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -5.58 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.34%. During the same quarter in the prior year, the company earned $0.79 EPS. As a group, equities research analysts predict that Independent Bank Group will post 2.86 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.38 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.60%. Independent Bank Group’s payout ratio is -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Silver Lake Advisory LLC bought a new stake in Independent Bank Group in the 2nd quarter worth about $5,491,000. Edgestream Partners L.P. boosted its holdings in Independent Bank Group by 72.0% in the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after purchasing an additional 28,579 shares during the period. Bessemer Group Inc. boosted its holdings in Independent Bank Group by 6.8% in the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after purchasing an additional 14,534 shares during the period. Water Island Capital LLC purchased a new stake in shares of Independent Bank Group during the 2nd quarter valued at $806,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group during the 2nd quarter valued at $14,146,000. Institutional investors and hedge funds 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.