Independent Bank Group (NASDAQ:IBTX) Lowered to Underweight at Piper Sandler

Piper Sandler cut shares of Independent Bank Group (NASDAQ:IBTX) from a neutral rating to an underweight rating in a research report released on Wednesday morning, Marketbeat reports. The brokerage currently has $38.00 price objective on the bank’s stock, down from their previous price objective of $48.00.

A number of other equities analysts have also weighed in on IBTX. Stephens reiterated an overweight rating and issued a $55.00 price target on shares of Independent Bank Group in a 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 on the stock in a report on Monday, April 1st. StockNews.com upgraded shares of Independent Bank Group to a sell rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods lifted 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 lifted their target price 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. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $50.83.

Independent Bank Group Stock Performance

Shares of IBTX opened at $40.82 on Wednesday. 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 $1.68 billion, a price-to-earnings ratio of 39.25 and a beta of 1.33. The company’s 50 day simple moving average is $43.41 and its 200 day simple moving average is $43.64. Independent Bank Group has a 1 year low of $28.81 and a 1 year high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. Independent Bank Group’s revenue was down 15.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 earnings per share. On average, sell-side analysts predict that Independent Bank Group will post 2.88 EPS for the current year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be issued a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.72%. Independent Bank Group’s payout ratio is 146.15%.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. GAMMA Investing LLC purchased a new stake in Independent Bank Group during the 4th quarter worth $47,000. NBC Securities Inc. purchased a new stake in Independent Bank Group during the 3rd quarter worth $55,000. Signaturefd LLC increased its stake in Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after buying an additional 503 shares during the period. PNC Financial Services Group Inc. increased its stake in Independent Bank Group by 51.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after buying an additional 925 shares during the period. Finally, Callahan Advisors LLC purchased a new stake in Independent Bank Group during the 3rd quarter worth $201,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.