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

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have received a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $54.20.

IBTX has been the subject of a number of recent research reports. Raymond James boosted their target price on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Truist Financial cut 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 research report on Monday, April 1st. Finally, Stephens reaffirmed an “overweight” rating and set a $61.00 price objective on shares of Independent Bank Group in a research note on Tuesday, January 23rd.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $39.18 on Wednesday. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The firm’s fifty day moving average price is $43.84 and its 200-day moving average price is $43.56. The stock has a market cap of $1.62 billion, a P/E 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 results on Tuesday, January 23rd. The bank reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $116.92 million for the quarter, compared to analysts’ expectations of $123.83 million. During the same quarter in the previous year, the business earned $1.20 EPS. The company’s revenue for the quarter was down 23.6% on a year-over-year basis. On average, equities research analysts expect that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $1.52 dividend on an annualized basis and a yield of 3.88%. Independent Bank Group’s dividend payout ratio is currently 146.16%.

Institutional Investors Weigh In On Independent Bank Group

A number of large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in shares of Independent Bank Group by 152.8% during the third quarter. Versant Capital Management Inc now owns 622 shares of the bank’s stock valued at $25,000 after acquiring an additional 376 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in Independent Bank Group during the 1st quarter valued at about $38,000. GAMMA Investing LLC bought a new position in Independent Bank Group during the 4th quarter valued at approximately $47,000. Point72 Middle East FZE purchased a new stake in Independent Bank Group in the 4th quarter worth approximately $54,000. Finally, NBC Securities Inc. bought a new stake in shares of Independent Bank Group in the 3rd quarter worth approximately $55,000. Institutional investors own 77.90% of the company’s stock.

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.