Independent Bank Group (NASDAQ:IBTX) PT Lowered to $46.00

Independent Bank Group (NASDAQ:IBTX) had its price target decreased by Hovde Group from $53.00 to $46.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. Hovde Group currently has a market perform rating on the bank’s stock.

A number of other brokerages also recently commented on IBTX. Truist Financial decreased their price target on Independent Bank Group from $58.00 to $52.00 and set a buy rating for the company in a research report on Monday, April 1st. StockNews.com raised Independent Bank Group to a sell rating in a research report on Thursday, January 25th. Stephens reissued an overweight rating and issued a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Piper Sandler downgraded Independent Bank Group from a neutral rating to an underweight rating and decreased their target price for the stock from $48.00 to $38.00 in a research report on Wednesday. Finally, Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $48.33.

Independent Bank Group Stock Performance

Shares of IBTX opened at $39.34 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33. The stock has a 50 day moving average of $43.04 and a 200 day moving average of $43.60. Independent Bank Group has a 12 month low of $28.81 and a 12 month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last issued 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. The company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. Independent Bank Group’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the business posted $1.07 earnings per share. As a group, sell-side analysts forecast that Independent Bank Group will post 2.63 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds have recently made changes to their positions in the stock. First Dallas Securities Inc. purchased a new position in shares of Independent Bank Group in the first quarter valued at $1,061,000. NBC Securities Inc. grew its position in shares of Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after purchasing an additional 275 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Independent Bank Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares in the last quarter. Trail Ridge Investment Advisors LLC purchased a new position in shares of Independent Bank Group in the fourth quarter valued at $234,000. Finally, Rafferty Asset Management LLC boosted its stake in Independent Bank Group by 58.2% during the fourth quarter. Rafferty Asset Management LLC now owns 58,428 shares of the bank’s stock valued at $2,973,000 after buying an additional 21,501 shares during the period. 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.