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

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

Several other equities research analysts also recently weighed in on the company. Truist Financial decreased their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. StockNews.com assumed coverage on Independent Bank Group in a report on Wednesday. They issued a “sell” rating for the company. 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. According to data from MarketBeat, Independent Bank Group presently has an average rating of “Hold” and an average target price of $58.83.

Independent Bank Group Trading Up 1.4 %

Independent Bank Group stock traded up $0.91 during midday trading on Thursday, reaching $65.17. The stock had a trading volume of 202,785 shares, compared to its average volume of 224,662. The stock has a market capitalization of $2.70 billion, a PE ratio of -6.23 and a beta of 1.38. 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’s 50-day simple moving average is $58.31 and its 200 day simple moving average is $51.61. Independent Bank Group has a twelve month low of $35.25 and a twelve month high of $66.41.

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). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The business had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same quarter in the previous year, the business posted $0.79 EPS. Analysts expect that Independent Bank Group will post 2.51 EPS for the current year.

Independent Bank Group Announces Dividend

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

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently made changes to their positions in IBTX. Intech Investment Management LLC grew its holdings in Independent Bank Group by 34.8% during the 3rd quarter. Intech Investment Management LLC now owns 11,004 shares of the bank’s stock worth $634,000 after acquiring an additional 2,843 shares in the last quarter. Pathstone Holdings LLC grew its stake in Independent Bank Group by 6.6% in the third quarter. Pathstone Holdings LLC now owns 27,102 shares of the bank’s stock worth $1,563,000 after purchasing an additional 1,688 shares in the last quarter. LMR Partners LLP bought a new stake in Independent Bank Group in the third quarter valued at about $330,000. Empowered Funds LLC raised its stake in Independent Bank Group by 6.3% during the third quarter. Empowered Funds LLC now owns 107,275 shares of the bank’s stock valued at $6,185,000 after buying an additional 6,363 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in Independent Bank Group during the 3rd quarter worth approximately $204,000. 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.