Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $60.60 Average PT from Analysts

Independent Bank Group, Inc. (NASDAQ:IBTX) has been given an average rating of “Moderate Buy” by the five ratings firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $60.60.

A number of analysts have recently weighed in on IBTX shares. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com started coverage on shares of Independent Bank Group in a research note on Sunday, February 2nd. They issued a “sell” rating for the company. Finally, Truist Financial reduced their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd.

Independent Bank Group Price Performance

NASDAQ IBTX opened at $60.67 on Tuesday. The company has a 50 day moving average price of $62.13 and a two-hundred day moving average price of $59.69. 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 has a 12-month low of $36.47 and a 12-month high of $68.66. The stock has a market capitalization of $2.51 billion, a PE ratio of -5.80 and a beta of 1.39.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its position in Independent Bank Group by 8.1% during the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after acquiring an additional 279,112 shares during the period. Geode Capital Management LLC increased its position in Independent Bank Group by 1.8% during the third quarter. Geode Capital Management LLC now owns 879,076 shares of the bank’s stock worth $50,697,000 after acquiring an additional 15,447 shares during the period. Charles Schwab Investment Management Inc. increased its position in Independent Bank Group by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 490,073 shares of the bank’s stock worth $29,733,000 after acquiring an additional 4,804 shares during the period. Westchester Capital Management LLC increased its position in Independent Bank Group by 15.5% during the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after acquiring an additional 40,944 shares during the period. Finally, Principal Financial Group Inc. increased its position in Independent Bank Group by 2.8% during the fourth quarter. Principal Financial Group Inc. now owns 174,822 shares of the bank’s stock worth $10,606,000 after acquiring an additional 4,839 shares during the period. 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.