Independent Bank Group, Inc. (NASDAQ:IBTX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have earned an average rating of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $54.20.

A number of research analysts recently commented on the stock. Truist Financial lowered their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a report on Monday, April 1st. Stephens reaffirmed an “overweight” rating and issued a $61.00 price objective on shares of Independent Bank Group in a research note on Tuesday, January 23rd. Raymond James lifted their target price on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Finally, StockNews.com upgraded Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th.

Independent Bank Group Trading Down 2.9 %

IBTX stock opened at $39.18 on Wednesday. The firm has a fifty day moving average price of $43.84 and a 200 day moving average price of $43.56. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The firm has a market cap of $1.62 billion, a PE ratio of 37.67 and a beta of 1.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.62 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.04). Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. The business had revenue of $116.92 million for the quarter, compared to the consensus estimate of $123.83 million. During the same quarter last year, the business earned $1.20 EPS. Independent Bank Group’s revenue for the quarter was down 23.6% compared to the same quarter last year. Sell-side analysts anticipate that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $1.52 annualized dividend and a dividend yield of 3.88%. Independent Bank Group’s dividend payout ratio (DPR) is presently 146.16%.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently modified their holdings of IBTX. Capital Research Global Investors boosted its holdings in Independent Bank Group by 23.4% during the 1st quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank’s stock valued at $216,539,000 after acquiring an additional 576,836 shares during the period. FMR LLC lifted its position in shares of Independent Bank Group by 12.6% during the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after purchasing an additional 414,666 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank Group during the fourth quarter valued at $21,711,000. State Street Corp boosted its stake in shares of Independent Bank Group by 18.5% during the second quarter. State Street Corp now owns 2,002,249 shares of the bank’s stock valued at $69,138,000 after purchasing an additional 313,039 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Independent Bank Group by 123.4% in the second quarter. Goldman Sachs Group Inc. now owns 313,406 shares of the bank’s stock worth $21,283,000 after purchasing an additional 173,117 shares during the last quarter. 77.90% of the stock is currently 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.