Independent Bank Group (NASDAQ:IBTX) Cut to Underweight at Piper Sandler

Piper Sandler lowered shares of Independent Bank Group (NASDAQ:IBTX) from a neutral rating to an underweight rating in a report released on Wednesday, Marketbeat.com reports. The firm currently has $38.00 price target on the bank’s stock, down from their prior price target of $48.00.

Several other analysts also recently weighed in on IBTX. StockNews.com raised shares of Independent Bank Group to a sell rating in a research note on Thursday, January 25th. Stephens reissued an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday. Truist Financial decreased their price objective on shares of 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. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Finally, Raymond James boosted their price target on Independent Bank Group from $56.00 to $59.00 and gave the company an outperform rating in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $48.33.

Independent Bank Group Stock Performance

NASDAQ IBTX opened at $39.34 on Wednesday. The company has a market capitalization of $1.63 billion, a P/E ratio of 15.55 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25. The company has a fifty day moving average of $43.17 and a 200-day moving average of $43.59.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The firm 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 4.97% and a net margin of 10.96%. The company’s revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 EPS. As a group, equities research analysts predict that Independent Bank Group will post 2.63 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in shares of Independent Bank Group in the fourth quarter worth about $47,000. NBC Securities Inc. purchased a new stake in shares of Independent Bank Group during the 3rd quarter worth approximately $55,000. Signaturefd LLC boosted its position in shares of Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after acquiring an additional 503 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after purchasing an additional 925 shares in the last quarter. Finally, Relative Value Partners Group LLC purchased a new position in shares of Independent Bank Group in the fourth quarter valued at $217,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.