Independent Bank Group (NASDAQ:IBTX) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Independent Bank Group (NASDAQ:IBTX) announced its earnings results on Monday. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06, Briefing.com reports. Independent Bank Group had a return on equity of 5.76% and a net margin of 4.68%. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the previous year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was down 15.3% compared to the same quarter last year.

Independent Bank Group Stock Performance

Shares of NASDAQ:IBTX opened at $41.87 on Tuesday. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 40.26 and a beta of 1.33. Independent Bank Group has a 52 week low of $28.81 and a 52 week high of $53.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $43.49 and a 200 day moving average of $43.63.

Analyst Upgrades and Downgrades

IBTX has been the subject of several recent analyst reports. Truist Financial dropped their target price on 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. Stephens restated an “overweight” rating and set a $61.00 target price on shares of Independent Bank Group in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Raymond James boosted their target price on Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Finally, StockNews.com upgraded Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.20.

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.