Stephens Reaffirms Overweight Rating for Independent Bank Group (NASDAQ:IBTX)

Stephens reissued their overweight rating on shares of Independent Bank Group (NASDAQ:IBTX) in a report published on Tuesday, Benzinga reports. The firm currently has a $55.00 price target on the bank’s stock.

Other research analysts also recently issued reports about the stock. Raymond James boosted their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the company 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 research report on Thursday, January 25th. Keefe, Bruyette & Woods boosted their price objective on shares of 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 reduced their price objective on shares of 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 equities research analysts have 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. According to data from MarketBeat.com, Independent Bank Group presently has an average rating of Hold and a consensus target price of $48.33.

Independent Bank Group Trading Up 0.2 %

NASDAQ:IBTX opened at $39.34 on Tuesday. The company has a fifty day moving average of $43.17 and a 200 day moving average of $43.59. 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 0.23. The firm has a market capitalization of $1.63 billion, a P/E ratio of 15.55 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same period in the prior year, the business posted $1.07 EPS. The firm’s revenue was down 15.3% compared to the same quarter last year. On average, research analysts predict that Independent Bank Group will post 2.79 earnings per share for the current year.

Independent Bank Group Announces Dividend

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

Hedge Funds Weigh In On Independent Bank Group

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in Independent Bank Group in the 4th quarter worth about $47,000. NBC Securities Inc. bought a new position in Independent Bank Group during the 3rd quarter valued at about $55,000. Signaturefd LLC lifted its stake in Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after acquiring an additional 503 shares during the period. PNC Financial Services Group Inc. lifted its stake in Independent Bank Group by 51.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after acquiring an additional 925 shares during the period. Finally, Relative Value Partners Group LLC bought a new position in Independent Bank Group during the 4th quarter valued at about $217,000. 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.