Independent Bank Group (NASDAQ:IBTX) PT Lowered to $46.00

Independent Bank Group (NASDAQ:IBTX) had its target price trimmed by Hovde Group from $53.00 to $46.00 in a report released on Wednesday, Marketbeat reports. The firm currently has a market perform rating on the bank’s stock.

Several other research firms have also commented on IBTX. StockNews.com upgraded Independent Bank Group to a sell rating in a research note on Thursday, January 25th. Raymond James increased their price target on Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday, January 24th. Piper Sandler lowered Independent Bank Group from a neutral rating to an underweight rating and cut their price target for the stock from $48.00 to $38.00 in a research note on Wednesday. Finally, Stephens reiterated an overweight rating and issued a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Two research 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 company has a consensus rating of Hold and a consensus price target of $48.33.

Independent Bank Group Trading Up 0.2 %

NASDAQ:IBTX opened at $39.34 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25. The business has a fifty day moving average price of $43.04 and a 200-day moving average price of $43.60.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. The firm had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. Independent Bank Group’s revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 EPS. Sell-side analysts forecast that Independent Bank Group will post 2.63 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. SG Americas Securities LLC boosted its holdings in shares of Independent Bank Group by 137.5% during the 3rd quarter. SG Americas Securities LLC now owns 23,217 shares of the bank’s stock valued at $918,000 after purchasing an additional 13,443 shares during the last quarter. Callahan Advisors LLC bought a new position in shares of Independent Bank Group in the 3rd quarter valued at about $201,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Independent Bank Group by 1.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after acquiring an additional 295 shares during the last quarter. Tectonic Advisors LLC lifted its holdings in shares of Independent Bank Group by 96.9% in the 3rd quarter. Tectonic Advisors LLC now owns 16,596 shares of the bank’s stock valued at $656,000 after acquiring an additional 8,168 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Independent Bank Group by 5.8% in the 3rd quarter. Raymond James & Associates now owns 16,282 shares of the bank’s stock valued at $644,000 after acquiring an additional 891 shares during the last quarter. 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.