Independent Bank Group (NASDAQ:IBTX) Stock Rating Lowered by Piper Sandler

Independent Bank Group (NASDAQ:IBTX) was downgraded by investment analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a report released on Wednesday, MarketBeat reports. They presently have a $38.00 price objective on the bank’s stock, down from their prior price objective of $48.00. Piper Sandler’s price target would indicate a potential downside of 3.21% from the company’s current price.

IBTX has been the topic of several other reports. Keefe, Bruyette & Woods upped 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. Truist Financial cut 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. Raymond James upped 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. Stephens reissued an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday. Finally, StockNews.com raised Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $49.83.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $39.26 on Wednesday. The business’s fifty day simple moving average is $43.32 and its 200-day simple moving average is $43.62. The company has a market cap of $1.62 billion, a PE ratio of 15.52 and a beta of 1.33. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same period in the prior year, the firm earned $1.07 EPS. The firm’s revenue was down 15.3% on a year-over-year basis. Analysts expect that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank Group by 9.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 400,398 shares of the bank’s stock valued at $15,836,000 after purchasing an additional 33,952 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Independent Bank Group in the 3rd quarter valued at about $6,326,000. Illinois Municipal Retirement Fund purchased a new position in shares of Independent Bank Group in the 3rd quarter valued at about $869,000. PNC Financial Services Group Inc. increased its stake in shares of Independent Bank Group by 51.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock valued at $108,000 after purchasing an additional 925 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Independent Bank Group by 1.0% in the 3rd quarter. Swiss National Bank now owns 81,722 shares of the bank’s stock valued at $3,232,000 after purchasing an additional 800 shares in the last quarter. Hedge funds and other 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.