Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) PT at $57.83

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are currently covering the company, Marketbeat Ratings reports. Two investment 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 brokerages that have covered the stock in the last year is $57.83.

IBTX has been the subject of a number of research analyst reports. StockNews.com started coverage on Independent Bank Group in a report on Tuesday, October 29th. They set a “sell” rating for the company. Keefe, Bruyette & Woods boosted their price target 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, Truist Financial cut their price objective 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Everence Capital Management Inc. purchased a new stake in shares of Independent Bank Group during the 3rd quarter valued at about $273,000. Blue Trust Inc. raised 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 valued at $50,000 after purchasing an additional 820 shares during the period. Precedent Wealth Partners LLC acquired a new position in shares of Independent Bank Group during the third quarter worth $415,000. Water Island Capital LLC purchased a new position in shares of Independent Bank Group in the second quarter valued at $806,000. Finally, Silver Lake Advisory LLC acquired a new stake in Independent Bank Group during the 2nd quarter valued at $5,491,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Trading Down 0.8 %

NASDAQ IBTX opened at $57.88 on Friday. The company has a market cap of $2.40 billion, a P/E ratio of -5.53 and a beta of 1.37. Independent Bank Group has a 12 month low of $34.54 and a 12 month high of $62.25. 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 company has a 50-day moving average of $57.87 and a 200-day moving average of $50.78.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same quarter in the previous year, the firm posted $0.79 earnings per share. As a group, equities analysts predict that Independent Bank Group will post 2.51 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.63%. Independent Bank Group’s dividend payout ratio is currently -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.