Independent Bank Group (NASDAQ:IBTX) PT Lowered to $63.00 at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its price objective decreased by Truist Financial from $66.00 to $63.00 in a report released on Wednesday, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Other analysts have also issued research reports about the stock. StockNews.com started coverage on shares of Independent Bank Group in a research report on Monday, October 21st. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $57.83.

Independent Bank Group Price Performance

IBTX stock opened at $57.26 on Wednesday. The stock has a 50-day moving average price of $57.55 and a two-hundred day moving average price of $50.22. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $62.25. The stock has a market cap of $2.37 billion, a PE ratio of -5.47 and a beta of 1.38. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data 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 firm had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.34% and a negative net margin of 43.45%. During the same quarter in the previous year, the business posted $0.79 earnings per share. Equities analysts forecast that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend is Thursday, October 31st. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Headlands Technologies LLC acquired a new stake in Independent Bank Group in the 1st quarter valued at about $30,000. Fidelis Capital Partners LLC acquired a new stake in shares of Independent Bank Group in the first quarter valued at approximately $33,000. Blue Trust Inc. boosted its stake in shares of Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after acquiring an additional 820 shares during the period. SG Americas Securities LLC acquired a new position in shares of Independent Bank Group during the 1st quarter worth approximately $203,000. Finally, AQR Capital Management LLC bought a new stake in Independent Bank Group in the 2nd quarter valued at $212,000. Institutional investors 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.