Independent Bank Group (NASDAQ:IBTX) Price Target Lowered to $46.00 at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its target price reduced by Truist Financial from $52.00 to $46.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other equities research analysts have also recently commented on the company. StockNews.com raised Independent Bank Group to a sell rating in a report on Thursday, January 25th. Hovde Group reduced their price target on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Piper Sandler cut shares of Independent Bank Group from a neutral rating to an underweight rating and cut their price objective for the stock from $48.00 to $38.00 in a research report on Wednesday. Finally, Raymond James boosted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an outperform rating in a report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Independent Bank Group presently has a consensus rating of Hold and an average price target of $49.83.

Independent Bank Group Trading Down 3.8 %

Shares of IBTX opened at $39.26 on Thursday. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25. The stock has a market cap of $1.62 billion, a PE ratio of 15.52 and a beta of 1.33. The firm’s fifty day moving average is $43.32 and its two-hundred day moving average is $43.62. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The firm had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same period last year, the firm posted $1.07 earnings per share. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. Research analysts forecast that Independent Bank Group will post 2.79 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.87%. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in shares of Independent Bank Group by 12.6% during the 3rd 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 period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Independent Bank Group during the third quarter worth $6,326,000. First Dallas Securities Inc. acquired a new stake in shares of Independent Bank Group in the third quarter valued at $3,996,000. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after buying an additional 40,112 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after acquiring an additional 35,806 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Company Profile

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.