Independent Bank Group (NASDAQ:IBTX) Given “Overweight” Rating at Stephens

Independent Bank Group (NASDAQ:IBTX)‘s stock had its “overweight” rating reissued by equities research analysts at Stephens in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $55.00 price objective on the bank’s stock. Stephens’ target price would suggest a potential upside of 37.16% from the stock’s previous close.

A number of other brokerages have also issued reports on IBTX. Raymond James increased their price target on Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. StockNews.com upgraded Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Truist Financial dropped their price objective on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a research note on Monday, April 1st. Finally, Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. One equities research analyst has 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, the company currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Independent Bank Group Stock Performance

IBTX traded down $1.77 during trading hours on Tuesday, hitting $40.10. The company’s stock had a trading volume of 100,042 shares, compared to its average volume of 223,248. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1.66 billion, a PE ratio of 38.62 and a beta of 1.33. The company has a 50-day simple moving average of $43.49 and a 200 day simple moving average of $43.63.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, April 22nd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a return on equity of 5.76% and a net margin of 4.68%. The firm had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. During the same period last year, the firm earned $1.07 EPS. The firm’s revenue was down 15.3% compared to the same quarter last year. As a group, sell-side analysts expect that Independent Bank Group will post 2.88 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC boosted its stake in shares of Independent Bank Group by 137.5% during the 3rd quarter. SG Americas Securities LLC now owns 23,217 shares of the bank’s stock worth $918,000 after buying an additional 13,443 shares during the last quarter. Callahan Advisors LLC bought a new stake in shares of Independent Bank Group in the 3rd quarter valued at about $201,000. Cambridge Investment Research Advisors Inc. raised its holdings in Independent Bank Group by 1.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after acquiring an additional 295 shares during the period. Tectonic Advisors LLC raised its holdings in Independent Bank Group by 96.9% in the 3rd quarter. Tectonic Advisors LLC now owns 16,596 shares of the bank’s stock valued at $656,000 after acquiring an additional 8,168 shares during the period. Finally, Raymond James & Associates grew its position in shares of Independent Bank Group by 5.8% during the 3rd quarter. Raymond James & Associates now owns 16,282 shares of the bank’s stock worth $644,000 after purchasing an additional 891 shares in the last quarter. Institutional investors and hedge funds 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.