Independent Bank Group (NASDAQ:IBTX) Downgraded by Piper Sandler

Independent Bank Group (NASDAQ:IBTX) was downgraded by stock analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $38.00 price objective on the bank’s stock, down from their previous price objective of $48.00. Piper Sandler’s price objective indicates a potential downside of 6.29% from the stock’s previous close.

Several other equities analysts have also recently issued reports on IBTX. Truist Financial dropped their target price on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. StockNews.com upgraded Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Stephens restated an “overweight” rating and issued a $55.00 price target on shares of Independent Bank Group in a report on Tuesday. Finally, Raymond James upped their price target on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.83.

Independent Bank Group Stock Down 3.2 %

IBTX opened at $40.55 on Wednesday. The business has a 50 day moving average price of $43.49 and a two-hundred day moving average price of $43.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The company has a market cap of $1.67 billion, a PE ratio of 38.99 and a beta of 1.33. Independent Bank Group has a 52 week low of $28.81 and a 52 week high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, April 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. The company had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter in the previous year, the firm posted $1.07 EPS. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. As a group, research analysts anticipate that Independent Bank Group will post 2.88 EPS for the current year.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC purchased a new stake in Independent Bank Group in the 4th quarter valued at approximately $47,000. NBC Securities Inc. purchased a new position in shares of Independent Bank Group during the 3rd quarter worth $55,000. Signaturefd LLC lifted its stake in shares of Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after purchasing an additional 503 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Independent Bank Group by 51.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after purchasing an additional 925 shares during the period. Finally, Relative Value Partners Group LLC purchased a new position in shares of Independent Bank Group during the 4th quarter worth $217,000. 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.