Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) Target Price at $52.33

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $52.33.

A number of analysts have recently weighed in on IBTX shares. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Hovde Group cut their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday, April 24th. Stephens reiterated an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. StockNews.com began coverage on shares of Independent Bank Group in a report on Monday. They set a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods cut their price target on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Friday, April 26th.

Institutional Investors Weigh In On Independent Bank Group

Several large investors have recently added to or reduced their stakes in the stock. Silvercrest Asset Management Group LLC boosted its position in Independent Bank Group by 28.3% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock valued at $3,703,000 after buying an additional 17,875 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Independent Bank Group by 6.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,033 shares of the bank’s stock worth $1,006,000 after purchasing an additional 1,273 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in shares of Independent Bank Group by 6.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 32,485 shares of the bank’s stock worth $1,482,000 after purchasing an additional 1,884 shares during the period. Bessemer Group Inc. lifted its position in shares of Independent Bank Group by 6.8% in the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock worth $10,357,000 after purchasing an additional 14,534 shares during the period. Finally, Edgestream Partners L.P. lifted its position in shares of Independent Bank Group by 72.0% in the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after purchasing an additional 28,579 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $45.52 on Monday. The company’s 50-day moving average price is $43.06 and its 200-day moving average price is $45.23. Independent Bank Group has a twelve month low of $34.30 and a twelve month high of $53.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.88 billion, a PE ratio of 17.99 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The firm had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same period in the previous year, the firm posted $1.07 EPS. The business’s quarterly revenue was down 15.3% on a year-over-year basis. On average, equities research analysts forecast that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were given a $0.38 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.34%. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

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.