Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) PT at $58.83

Independent Bank Group, Inc. (NASDAQ:IBTX) has been assigned an average rating of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $58.83.

Several analysts have recently weighed in on the company. Truist Financial lowered their target price on 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. StockNews.com assumed coverage on Independent Bank Group in a research note on Friday. They set a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IBTX. Blue Trust Inc. boosted its stake in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Independent Bank Group during the third quarter valued at $204,000. Hancock Whitney Corp purchased a new position in Independent Bank Group during the 3rd quarter valued at about $222,000. SG Americas Securities LLC purchased a new position in Independent Bank Group during the first quarter valued at approximately $203,000. Finally, AQR Capital Management LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter valued at $212,000. 77.90% of the stock is currently owned by institutional investors.

Independent Bank Group Trading Up 2.8 %

NASDAQ IBTX opened at $67.31 on Thursday. 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 has a one year low of $36.16 and a one year high of $68.66. The company’s 50 day moving average price is $59.88 and its 200 day moving average price is $53.44. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -6.43 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same period in the previous year, the company earned $0.79 EPS. On average, sell-side analysts predict that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s payout ratio is currently -14.53%.

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.