Independent Bank Group (NASDAQ:IBTX) PT Raised to $57.00

Independent Bank Group (NASDAQ:IBTX) had its price objective lifted by Keefe, Bruyette & Woods from $46.00 to $57.00 in a research report released on Tuesday, Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

Several other equities analysts also recently issued reports on the stock. Hovde Group dropped their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a research note on Wednesday, April 24th. Piper Sandler raised shares of Independent Bank Group from an underweight rating to an overweight rating and raised their price target for the company from $38.00 to $58.00 in a research note on Friday, May 31st. StockNews.com began coverage on shares of Independent Bank Group in a research note on Tuesday. They set a sell rating for the company. Stephens reaffirmed an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Finally, Truist Financial dropped their price target on shares of Independent Bank Group from $50.00 to $48.00 and set a hold rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $53.83.

Independent Bank Group Price Performance

Independent Bank Group stock opened at $49.32 on Tuesday. The stock has a 50-day moving average price of $44.24 and a two-hundred day moving average price of $45.06. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $53.25. The company has a market capitalization of $2.04 billion, a PE ratio of 19.49 and a beta of 1.41. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (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 business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter last year, the business earned $1.07 EPS. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. Analysts expect that Independent Bank Group will post 2.56 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in Independent Bank Group in the first quarter worth $30,000. Fidelis Capital Partners LLC acquired a new stake in Independent Bank Group in the first quarter worth $33,000. GAMMA Investing LLC acquired a new stake in Independent Bank Group in the fourth quarter worth $47,000. NBC Securities Inc. grew its holdings in Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Independent Bank Group in the first quarter worth $203,000. 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.