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

Independent Bank Group (NASDAQ:IBTX) had its price objective lowered by Keefe, Bruyette & Woods from $55.00 to $46.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

A number of other analysts have also issued reports on IBTX. Truist Financial decreased their target price on shares of Independent Bank Group from $52.00 to $46.00 and set a buy rating on the stock in a research report on Thursday, April 25th. Hovde Group decreased their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research report on Wednesday, April 24th. Raymond James raised their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a research report on Wednesday, January 24th. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and decreased their target price for the stock from $48.00 to $38.00 in a research report on Wednesday, April 24th. Finally, Stephens restated an overweight rating and set a $55.00 target price on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $48.33.

Independent Bank Group Stock Down 2.7 %

IBTX stock opened at $38.29 on Friday. The company’s 50 day simple moving average is $43.04 and its 200-day simple moving average is $43.66. The firm has a market capitalization of $1.58 billion, a PE ratio of 15.13 and a beta of 1.33. Independent Bank Group has a 12 month low of $28.81 and a 12 month high of $53.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.07 earnings per share. Equities analysts expect that Independent Bank Group will post 2.63 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.97%. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently made changes to their positions in IBTX. FMR LLC boosted its holdings in shares of Independent Bank Group by 12.6% in the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Independent Bank Group in the 3rd quarter valued at $6,326,000. First Dallas Securities Inc. purchased a new position in shares of Independent Bank Group in the 3rd quarter valued at $3,996,000. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 40,112 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after acquiring an additional 35,806 shares during the period. Institutional investors and hedge funds 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.