Independent Bank Group (NASDAQ:IBTX) Price Target Raised to $72.00

Independent Bank Group (NASDAQ:IBTX) had its target price hoisted by Keefe, Bruyette & Woods from $69.00 to $72.00 in a research report report published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

IBTX has been the subject of a number of other reports. Truist Financial dropped their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. StockNews.com assumed coverage on Independent Bank Group in a research report on Wednesday. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Trading Up 1.4 %

Shares of IBTX traded up $0.91 during midday trading on Thursday, hitting $65.17. 202,785 shares of the stock were exchanged, compared to its average volume of 224,662. Independent Bank Group has a 52-week low of $35.25 and a 52-week high of $66.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day simple moving average of $58.31 and a 200 day simple moving average of $51.61. The firm has a market cap of $2.70 billion, a P/E ratio of -6.23 and a beta of 1.38.

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). The business had revenue of $255.18 million during 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 quarter last year, the firm earned $0.79 EPS. On average, research analysts anticipate that Independent Bank Group will post 2.51 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.33%. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBTX. Headlands Technologies LLC purchased a new position in shares of Independent Bank Group during the first quarter valued at approximately $30,000. Blue Trust Inc. boosted its holdings 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 purchasing an additional 820 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Independent Bank Group in the first quarter valued at $203,000. CIBC Asset Management Inc acquired a new position in Independent Bank Group in the third quarter valued at $204,000. Finally, AQR Capital Management LLC purchased a new position in Independent Bank Group during the second quarter worth about $212,000. 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.