Independent Bank Group (NASDAQ:IBTX) PT Lowered to $46.00

Independent Bank Group (NASDAQ:IBTX) had its price objective lowered by investment analysts at Hovde Group from $53.00 to $46.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a “market perform” rating on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 13.44% from the stock’s current price.

Several other brokerages also recently issued reports on IBTX. Raymond James upped their price objective on Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $48.00 to $38.00 in a research report on Wednesday. Keefe, Bruyette & Woods upped their price objective 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. Stephens restated an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Finally, Truist Financial reduced their price objective on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.83.

Independent Bank Group Stock Down 3.2 %

Independent Bank Group stock opened at $40.55 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 38.99 and a beta of 1.33. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The stock’s fifty day moving average is $43.49 and its two-hundred day moving average is $43.63.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, April 22nd. The bank reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. Independent Bank Group’s revenue was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 earnings per share. Analysts predict that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Large investors have recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of Independent Bank Group in the 4th quarter worth about $47,000. NBC Securities Inc. purchased a new position in shares of Independent Bank Group in the 3rd quarter worth about $55,000. Signaturefd LLC raised its holdings in shares of Independent Bank Group by 49.8% in the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after purchasing an additional 503 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank Group by 51.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after purchasing an additional 925 shares during the period. Finally, Callahan Advisors LLC purchased a new position in shares of Independent Bank Group in the 3rd quarter worth about $201,000. 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.