Independent Bank Group, Inc. (NASDAQ:IBTX) Given Average Rating of “Moderate Buy” by Brokerages

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $58.83.

A number of equities research analysts have issued reports on IBTX shares. Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Truist Financial reduced their price objective on shares of 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. Finally, StockNews.com assumed coverage on shares of Independent Bank Group in a research report on Friday. They issued a “sell” rating on the stock.

Institutional Investors Weigh In On Independent Bank Group

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Independent Bank Group by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock worth $50,697,000 after buying an additional 15,447 shares in the last quarter. Barclays PLC lifted its holdings in shares of Independent Bank Group by 71.9% in the third quarter. Barclays PLC now owns 79,414 shares of the bank’s stock valued at $4,578,000 after purchasing an additional 33,213 shares in the last quarter. XTX Topco Ltd purchased a new stake in Independent Bank Group in the 3rd quarter valued at approximately $314,000. Jane Street Group LLC lifted its position in shares of Independent Bank Group by 76.3% in the third quarter. Jane Street Group LLC now owns 61,046 shares of the bank’s stock valued at $3,520,000 after acquiring an additional 26,414 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Independent Bank Group in the 3rd quarter valued at about $3,521,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Price Performance

Shares of IBTX opened at $67.31 on Thursday. Independent Bank Group has a 1-year low of $36.16 and a 1-year high of $68.66. 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 50-day simple moving average of $59.88 and a two-hundred day simple moving average of $53.44. The stock has a market cap of $2.79 billion, a PE ratio of -6.43 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $0.79 EPS. As a group, analysts forecast that Independent Bank Group will post 2.7 EPS for the current year.

Independent Bank Group Dividend Announcement

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

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.