Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $58.17 Consensus Target Price from Analysts

Independent Bank Group, Inc. (NASDAQ:IBTX) has been assigned an average rating of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $58.17.

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. StockNews.com began coverage on shares of Independent Bank Group in a report on Tuesday, September 3rd. They issued a “sell” rating for the company. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $58.00 in a report on Friday, May 31st. Finally, Truist Financial boosted their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a research note on Monday, July 29th.

Independent Bank Group Stock Up 0.3 %

IBTX opened at $56.02 on Friday. The company has a fifty day moving average of $53.83 and a two-hundred day moving average of $46.90. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 22.14 and a beta of 1.38. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $60.53. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The firm had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the previous year, the business earned $0.82 EPS. On average, research analysts expect that Independent Bank Group will post 2.86 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s payout ratio is 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC acquired a new stake in Independent Bank Group in the 1st quarter valued at about $30,000. Fidelis Capital Partners LLC acquired a new stake in shares of Independent Bank Group in the first quarter valued at approximately $33,000. NBC Securities Inc. increased 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 last quarter. SG Americas Securities LLC purchased a new position in Independent Bank Group during the first quarter worth approximately $203,000. Finally, AQR Capital Management LLC acquired a new position in Independent Bank Group during the second quarter worth $212,000. 77.90% of the stock is 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.