Independent Bank Group (NASDAQ:IBTX) Issues Quarterly Earnings Results

Independent Bank Group (NASDAQ:IBTX) issued its earnings results on Monday. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06, Briefing.com reports. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period in the prior year, the business posted $1.07 earnings per share. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year.

Independent Bank Group Stock Performance

Shares of IBTX opened at $41.87 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 40.26 and a beta of 1.33. The company’s 50 day simple moving average is $43.49 and its 200 day simple moving average is $43.63. Independent Bank Group has a 1 year low of $28.81 and a 1 year high of $53.25.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Stephens restated an “overweight” rating and set a $61.00 target price on shares of Independent Bank Group in a research report on Tuesday, January 23rd. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Truist Financial reduced their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, April 1st. Keefe, Bruyette & Woods upped their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Finally, Raymond James upped their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.20.

About Independent Bank Group

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.