Independent Bank Group (NASDAQ:IBTX) PT Lowered to $48.00 at Truist Financial

Independent Bank Group (NASDAQ:IBTXFree Report) had its price objective cut by Truist Financial from $50.00 to $48.00 in a research report report published on Monday, Benzinga reports. They currently have a hold rating on the bank’s stock.

A number of other research analysts have also recently weighed in on IBTX. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and boosted their target price for the company from $38.00 to $58.00 in a research note on Friday, May 31st. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating on the stock in a research note on Friday, April 26th. StockNews.com started coverage on shares of Independent Bank Group in a research note on Monday, July 1st. They issued a sell rating on the stock. Finally, Stephens restated an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $53.83.

Read Our Latest Report on Independent Bank Group

Independent Bank Group Trading Up 2.5 %

IBTX opened at $46.76 on Monday. Independent Bank Group has a 1-year low of $34.50 and a 1-year 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 0.23. The company has a market cap of $1.93 billion, a P/E ratio of 18.48 and a beta of 1.41. The company has a fifty day moving average price of $44.03 and a two-hundred day moving average price of $45.03.

Independent Bank Group (NASDAQ:IBTXGet Free Report) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $121.39 million. During the same period in the previous year, the firm posted $1.07 earnings per share. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis. Analysts predict that Independent Bank Group will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.25%. The ex-dividend date was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors have recently made changes to their positions in IBTX. Adage Capital Partners GP L.L.C. bought a new position in shares of Independent Bank Group in the 3rd quarter worth $6,326,000. The Manufacturers Life Insurance Company increased its holdings in shares of Independent Bank Group by 0.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock worth $29,064,000 after buying an additional 4,494 shares during the last quarter. Tudor Investment Corp Et Al increased its holdings in shares of Independent Bank Group by 0.7% in the 3rd quarter. Tudor Investment Corp Et Al now owns 103,891 shares of the bank’s stock worth $4,109,000 after buying an additional 728 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Independent Bank Group by 9.5% in the 4th quarter. Raymond James & Associates now owns 17,830 shares of the bank’s stock worth $907,000 after buying an additional 1,548 shares during the last quarter. Finally, Tectonic Advisors LLC increased its holdings in shares of Independent Bank Group by 3.7% in the 4th quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after buying an additional 609 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

About Independent Bank Group

(Get Free Report)

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.

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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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