Keefe, Bruyette & Woods Issues Positive Forecast for Independent Bank Group (NASDAQ:IBTX) Stock Price

Independent Bank Group (NASDAQ:IBTX) had its price objective increased by investment analysts at Keefe, Bruyette & Woods from $72.00 to $81.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 22.50% from the company’s previous close.

Several other research firms have also commented on IBTX. Truist Financial reduced their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. StockNews.com initiated coverage on shares of Independent Bank Group in a report on Saturday. They issued a “sell” rating on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Price Performance

IBTX traded down $0.51 on Wednesday, hitting $66.12. 63,349 shares of the company’s stock were exchanged, compared to its average volume of 237,788. Independent Bank Group has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $61.00 and a 200-day moving average price of $54.64. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -6.32 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter in the prior year, the firm earned $0.79 EPS. As a group, equities analysts anticipate that Independent Bank Group will post 2.7 earnings per share for the current year.

Institutional Trading of Independent Bank Group

Large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after buying an additional 820 shares during the period. CIBC Asset Management Inc purchased a new position in Independent Bank Group in the third quarter valued at approximately $204,000. AQR Capital Management LLC purchased a new position in Independent Bank Group in the second quarter valued at approximately $212,000. Hancock Whitney Corp purchased a new position in Independent Bank Group in the third quarter valued at approximately $222,000. Finally, Hennessy Advisors Inc. purchased a new position in Independent Bank Group in the second quarter valued at approximately $228,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.