Independent Bank Group, Inc. (NASDAQ:IBTX) Receives Average Rating of “Moderate Buy” from Analysts

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $60.33.

A number of equities research analysts have recently issued reports on the company. Truist Financial dropped their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, StockNews.com began coverage on Independent Bank Group in a research note on Thursday. They issued a “sell” rating for the company.

Independent Bank Group Trading Up 0.5 %

Shares of IBTX opened at $60.67 on Friday. Independent Bank Group has a 52-week low of $36.47 and a 52-week high of $68.66. The stock has a market cap of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39. The firm’s fifty day moving average is $63.47 and its two-hundred day moving average is $57.90. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last posted 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 business had revenue of $255.18 million for 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 quarter in the previous year, the firm posted $0.79 earnings per share. Research analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.51%. Independent Bank Group’s dividend payout ratio (DPR) is -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. grew its holdings in shares of Independent Bank Group by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock worth $713,000 after purchasing an additional 810 shares during the period. Texas Permanent School Fund Corp lifted its position in Independent Bank Group by 11.5% in the second quarter. Texas Permanent School Fund Corp now owns 35,042 shares of the bank’s stock valued at $1,595,000 after buying an additional 3,609 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Independent Bank Group by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock worth $2,951,000 after purchasing an additional 6,951 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank Group by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock worth $105,456,000 after buying an additional 39,091 shares during the period. Finally, Renaissance Technologies LLC grew its position in Independent Bank Group by 45.3% in the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock valued at $2,378,000 after acquiring an additional 16,300 shares in the last quarter. 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.