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

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have been given an average rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat.com 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 brokers that have updated their coverage on the stock in the last year is $58.17.

Several brokerages have commented on IBTX. Truist Financial boosted their price objective on shares of Independent Bank Group from $48.00 to $65.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a report on Wednesday. They issued a “sell” rating for the company.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $57.07 on Friday. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 22.56 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $60.53. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a fifty day moving average price of $54.65 and a 200-day moving average price of $47.18.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same period in the prior year, the company posted $0.82 earnings per share. As a group, equities analysts anticipate that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.66%. Independent Bank Group’s payout ratio is presently 60.08%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in Independent Bank Group during the 1st quarter worth approximately $30,000. Fidelis Capital Partners LLC bought a new stake in shares of Independent Bank Group in the first quarter worth $33,000. NBC Securities Inc. increased its holdings in Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after purchasing an additional 275 shares during the period. SG Americas Securities LLC acquired a new position in Independent Bank Group during the 1st quarter worth about $203,000. Finally, AQR Capital Management LLC bought a new stake in shares of Independent Bank Group in the 2nd quarter valued at about $212,000. 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.