Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) PT at $60.33

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $60.33.

IBTX has been the topic of a number of research reports. Truist Financial dropped their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com assumed coverage on shares of Independent Bank Group in a research note on Monday. They issued a “sell” rating for the company.

Institutional Trading of Independent Bank Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versor Investments LP increased its holdings in Independent Bank Group by 0.7% during the 3rd quarter. Versor Investments LP now owns 28,658 shares of the bank’s stock worth $1,652,000 after purchasing an additional 186 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Independent Bank Group by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after buying an additional 300 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Independent Bank Group by 0.8% during the second quarter. Sei Investments Co. now owns 63,573 shares of the bank’s stock worth $2,894,000 after buying an additional 531 shares in the last quarter. Victory Capital Management Inc. raised its position in Independent Bank Group by 5.5% in the 2nd quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock valued at $713,000 after buying an additional 810 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after acquiring an additional 820 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $60.25 on Monday. Independent Bank Group has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The stock’s 50-day moving average is $62.94 and its two-hundred day moving average is $56.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $2.50 billion, a P/E ratio of -5.76 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly 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). The company had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the prior year, the firm earned $0.79 EPS. Analysts predict that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.52%. Independent Bank Group’s dividend payout ratio is -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.