Independent Bank Group (NASDAQ:IBTX) Shares Gap Down Following Analyst Downgrade

Independent Bank Group, Inc. (NASDAQ:IBTX) gapped down prior to trading on Wednesday after Truist Financial lowered their price target on the stock from $52.00 to $46.00. The stock had previously closed at $40.55, but opened at $39.26. Truist Financial currently has a buy rating on the stock. Independent Bank Group shares last traded at $40.92, with a volume of 31,181 shares changing hands.

IBTX has been the subject of a number of other reports. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Piper Sandler cut shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $48.00 to $38.00 in a research report on Wednesday. Raymond James increased their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Finally, Hovde Group dropped their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank Group has a consensus rating of “Hold” and a consensus price target of $49.83.

Institutional Investors Weigh In On Independent Bank Group

A number of hedge funds have recently modified their holdings of the company. NBC Securities Inc. grew its holdings 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 during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Independent Bank Group by 1.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock worth $809,000 after buying an additional 295 shares during the period. Signaturefd LLC boosted its stake in Independent Bank Group by 49.8% during the third 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. Tectonic Advisors LLC boosted its stake in Independent Bank Group by 3.7% during the fourth quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after buying an additional 609 shares during the period. Finally, Tudor Investment Corp Et Al boosted its stake in Independent Bank Group by 0.7% during the third quarter. Tudor Investment Corp Et Al now owns 103,891 shares of the bank’s stock worth $4,109,000 after buying an additional 728 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Trading Down 3.8 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $1.62 billion, a PE ratio of 15.52 and a beta of 1.33. The company’s 50 day simple moving average is $43.32 and its two-hundred day simple moving average is $43.62.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. The business 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 business’s quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. As a group, sell-side analysts anticipate that Independent Bank Group, Inc. will post 2.88 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company 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 $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.87%. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

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.