Hovde Group Trims Independent Bank Group (NASDAQ:IBTX) Target Price to $46.00

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

Other analysts have also issued reports about the stock. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and cut their price target for the stock from $48.00 to $38.00 in a research note on Wednesday. StockNews.com upgraded shares of Independent Bank Group to a sell rating in a report on Thursday, January 25th. Stephens reaffirmed an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Truist Financial decreased their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a buy rating for the company in a research note on Monday, April 1st. Finally, Keefe, Bruyette & Woods raised their price objective 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. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $48.33.

Independent Bank Group Stock Up 0.2 %

Independent Bank Group stock opened at $39.34 on Wednesday. The company has a market capitalization of $1.63 billion, a PE ratio of 15.55 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The firm has a 50 day moving average price of $43.17 and a 200 day moving average price of $43.59.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company’s quarterly 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. Research analysts expect that Independent Bank Group will post 2.63 earnings per share for the current year.

Independent Bank Group Dividend Announcement

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

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after buying an additional 22,245 shares during the period. FMR LLC increased its stake in shares of Independent Bank Group by 12.6% during the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after acquiring an additional 414,666 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after acquiring an additional 35,806 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Independent Bank Group by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock worth $29,064,000 after purchasing an additional 4,494 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

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.