Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) Price Target at $58.83

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $58.83.

IBTX has been the topic of several research analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Truist Financial cut their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Finally, StockNews.com began coverage on shares of Independent Bank Group in a research note on Friday. They issued a “sell” rating on the stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Silver Lake Advisory LLC bought a new position in shares of Independent Bank Group during the second quarter valued at about $5,491,000. Water Island Capital LLC bought a new position in shares of Independent Bank Group during the second quarter valued at about $806,000. Magnetar Financial LLC bought a new position in shares of Independent Bank Group during the second quarter valued at about $14,146,000. Hennessy Advisors Inc. bought a new position in shares of Independent Bank Group during the second quarter valued at about $228,000. Finally, Renaissance Technologies LLC lifted its position in shares of Independent Bank Group by 45.3% during the second quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock valued at $2,378,000 after purchasing an additional 16,300 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

Independent Bank Group Stock Up 1.3 %

Shares of NASDAQ IBTX opened at $65.49 on Thursday. The firm has a market cap of $2.71 billion, a PE ratio of -6.26 and a beta of 1.38. Independent Bank Group has a 12-month low of $36.16 and a 12-month high of $67.92. The company’s fifty day simple moving average is $59.88 and its 200 day simple moving average is $53.27. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the prior year, the company earned $0.79 earnings per share. As a group, sell-side analysts forecast that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is -14.53%.

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.