Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $48.33 Consensus PT from Analysts

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have earned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $48.33.

Several research firms have weighed in on IBTX. StockNews.com upgraded Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Truist Financial dropped their price objective on shares of Independent Bank Group from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $48.00 to $38.00 in a report on Wednesday, April 24th. Stephens reissued an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Finally, Hovde Group dropped their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday, April 24th.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds have recently made changes to their positions in the stock. Tectonic Advisors LLC grew its position in Independent Bank Group by 32.0% during the 1st quarter. Tectonic Advisors LLC now owns 22,702 shares of the bank’s stock worth $1,036,000 after purchasing an additional 5,497 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Independent Bank Group during the 1st quarter valued at about $203,000. Empowered Funds LLC increased its holdings in shares of Independent Bank Group by 8.1% in the first quarter. Empowered Funds LLC now owns 111,914 shares of the bank’s stock valued at $5,109,000 after purchasing an additional 8,400 shares during the period. Texas Permanent School Fund Corp increased its holdings in Independent Bank Group by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after buying an additional 420 shares during the period. Finally, GSA Capital Partners LLP lifted its position in Independent Bank Group by 75.5% during the first quarter. GSA Capital Partners LLP now owns 38,286 shares of the bank’s stock valued at $1,748,000 after purchasing an additional 16,470 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Group Price Performance

NASDAQ IBTX opened at $40.73 on Friday. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 16.10 and a beta of 1.36. Independent Bank Group has a 12 month low of $29.24 and a 12 month high of $53.25. The company’s 50 day moving average is $42.30 and its two-hundred day moving average is $43.72. 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 announced 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. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the firm posted $1.07 EPS. As a group, research analysts anticipate that Independent Bank Group will post 2.63 earnings per share for the current year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

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.