Hovde Group Lowers Independent Bank Group (NASDAQ:IBTX) Price Target to $46.00

Independent Bank Group (NASDAQ:IBTX) had its price target cut by research analysts at Hovde Group from $53.00 to $46.00 in a report issued on Wednesday, Marketbeat reports. The firm currently has a “market perform” rating on the bank’s stock. Hovde Group’s price objective would indicate a potential upside of 13.44% from the company’s current price.

A number of other equities research analysts have also recently commented on IBTX. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday. Piper Sandler lowered Independent Bank Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $48.00 to $38.00 in a research report on Wednesday. StockNews.com upgraded Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Keefe, Bruyette & Woods increased 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. Finally, Truist Financial decreased their target price on 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. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Independent Bank Group currently has an average rating of “Hold” and a consensus price target of $50.83.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $40.55 on Wednesday. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 38.99 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 firm’s 50 day simple moving average is $43.49 and its 200-day simple moving average is $43.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Monday, April 22nd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The business’s revenue was down 15.3% on a year-over-year basis. During the same quarter last year, the company earned $1.07 EPS. Analysts expect that Independent Bank Group will post 2.88 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares in the last quarter. FMR LLC raised its holdings in shares of Independent Bank Group by 12.6% during the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after acquiring an additional 414,666 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after acquiring an additional 40,112 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after acquiring an additional 35,806 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Independent Bank Group by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock worth $29,064,000 after acquiring an additional 4,494 shares during the period. 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.