Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $60.33 Consensus Target Price from Brokerages

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $60.33.

A number of equities research analysts have recently weighed in on IBTX shares. Truist Financial lowered 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 report on Wednesday, October 23rd. StockNews.com assumed coverage on shares of Independent Bank Group in a research report on Thursday. They set a “sell” rating for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $60.67 on Friday. The stock has a market cap of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $63.53 and its two-hundred day moving average price is $58.21. Independent Bank Group has a twelve month low of $36.47 and a twelve month high of $68.66.

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

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.51%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is currently -14.53%.

Institutional Investors Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Magnetar Financial LLC bought a new stake in shares of Independent Bank Group during the 2nd quarter valued at $14,146,000. FMR LLC grew its holdings in Independent Bank Group by 8.1% in the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after purchasing an additional 279,112 shares during the period. Silver Lake Advisory LLC bought a new position in shares of Independent Bank Group during the second quarter valued at approximately $5,491,000. Edgestream Partners L.P. purchased a new position in shares of Independent Bank Group during the third quarter valued at approximately $3,521,000. Finally, Westchester Capital Management LLC boosted its position in shares of Independent Bank Group by 15.5% in the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after purchasing an additional 40,944 shares in the last quarter. 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.