Independent Bank Group, Inc. (NASDAQ:IBTX) Receives Average Recommendation of “Moderate Buy” from Analysts

Independent Bank Group, Inc. (NASDAQ:IBTX) has received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $52.33.

A number of research firms have recently commented on IBTX. Truist Financial reissued a “hold” rating and issued a $50.00 price target (up previously from $46.00) on shares of Independent Bank Group in a research report on Wednesday, May 29th. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th. Piper Sandler raised 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 research report on Friday, May 31st. StockNews.com began coverage on shares of Independent Bank Group in a research report on Sunday, June 23rd. They set a “sell” rating on the stock. Finally, Stephens reaffirmed an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors have recently bought and sold shares of the business. Silvercrest Asset Management Group LLC boosted its stake in Independent Bank Group by 28.3% during the first quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock worth $3,703,000 after buying an additional 17,875 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake 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 valued at $1,006,000 after purchasing an additional 1,273 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake 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 valued at $1,482,000 after purchasing an additional 1,884 shares in the last quarter. Bessemer Group Inc. boosted its stake 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 valued at $10,357,000 after purchasing an additional 14,534 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its stake 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 valued at $3,116,000 after purchasing an additional 28,579 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Trading Up 2.6 %

NASDAQ:IBTX opened at $45.52 on Monday. Independent Bank Group has a 12 month low of $34.30 and a 12 month high of $53.25. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 17.99 and a beta of 1.41. 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’s 50 day moving average is $43.06 and its 200-day moving average is $45.23.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating 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 company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same quarter last year, the firm posted $1.07 earnings per share. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. Equities analysts anticipate that Independent Bank Group will post 2.56 EPS for the current year.

Independent Bank Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.34%. Independent Bank Group’s dividend payout ratio is currently 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.