Independent Bank Group (NASDAQ:IBTX) Given New $46.00 Price Target at Keefe, Bruyette & Woods

Independent Bank Group (NASDAQ:IBTX) had its target price trimmed by Keefe, Bruyette & Woods from $55.00 to $46.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

A number of other analysts have also issued reports on IBTX. Raymond James boosted their price objective 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. Truist Financial decreased their price objective on Independent Bank Group from $52.00 to $46.00 and set a buy rating on the stock in a research note on Thursday. Stephens reiterated an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday. Hovde Group decreased their price objective on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research note on Wednesday. Finally, Piper Sandler lowered 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 note on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $48.33.

Independent Bank Group Stock Up 0.2 %

Shares of NASDAQ IBTX opened at $39.34 on Friday. Independent Bank Group has a one year low of $28.81 and a one year 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. The business’s fifty day moving average price is $43.17 and its 200-day moving average price is $43.59. The stock has a market capitalization of $1.63 billion, a PE ratio of 15.55 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period in the previous year, the company posted $1.07 EPS. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. On average, equities research analysts anticipate that Independent Bank Group will post 2.63 EPS for the current year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.86%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently modified their holdings of IBTX. SG Americas Securities LLC increased its position 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 valued at $918,000 after purchasing an additional 13,443 shares during the last quarter. Callahan Advisors LLC bought a new position in shares of Independent Bank Group during the 3rd quarter valued at about $201,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Independent Bank Group by 1.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after purchasing an additional 295 shares during the last quarter. Tectonic Advisors LLC increased its position in shares of Independent Bank Group by 96.9% during the 3rd quarter. Tectonic Advisors LLC now owns 16,596 shares of the bank’s stock valued at $656,000 after purchasing an additional 8,168 shares during the last quarter. Finally, Raymond James & Associates increased 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 valued at $644,000 after purchasing an additional 891 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

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.