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

Independent Bank Group (NASDAQ:IBTX) had its target price cut by Truist Financial from $52.00 to $46.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price objective would suggest a potential upside of 16.93% from the stock’s current price.

IBTX has been the subject of a number of other research reports. StockNews.com upgraded Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Raymond James raised their price target on Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday. Keefe, Bruyette & Woods raised their target price 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, Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $48.00 to $38.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.33.

Independent Bank Group Stock Performance

NASDAQ IBTX opened at $39.34 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25. The business has a 50-day moving average price of $43.17 and a 200-day moving average price of $43.59. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. The firm had revenue of $119.10 million for the quarter, compared to analysts’ expectations 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 for the quarter was down 15.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share. As a group, equities research analysts predict that Independent Bank Group will post 2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC purchased a new stake in shares of Independent Bank Group during the 4th quarter worth $47,000. NBC Securities Inc. purchased a new stake in shares of Independent Bank Group during the third quarter valued at about $55,000. Signaturefd LLC boosted its holdings in shares of Independent Bank Group by 49.8% in the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after buying an additional 503 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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 acquiring an additional 925 shares in the last quarter. Finally, Callahan Advisors LLC purchased a new stake in Independent Bank Group during the third quarter valued at approximately $201,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.