Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $48.33 Consensus Target Price from Brokerages

Independent Bank Group, Inc. (NASDAQ:IBTX) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $48.33.

Several equities analysts have recently issued reports on the stock. Stephens reaffirmed an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Raymond James upped their price target 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. Truist Financial lowered their price objective on Independent Bank Group from $52.00 to $46.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Finally, Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $48.00 to $38.00 in a research report on Wednesday, April 24th.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX opened at $40.73 on Friday. The firm has a 50 day simple moving average of $42.30 and a 200 day simple moving average of $43.72. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 16.10 and a beta of 1.36. Independent Bank Group has a one year low of $29.24 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.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping 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 business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the previous year, the company posted $1.07 EPS. Independent Bank Group’s quarterly revenue was down 15.3% compared to the same quarter last year. Research analysts predict that Independent Bank Group will post 2.63 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.73%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently modified their holdings of IBTX. Fidelis Capital Partners LLC bought a new stake in Independent Bank Group during the first quarter worth $33,000. GAMMA Investing LLC purchased a new stake in Independent Bank Group in the 4th quarter valued at about $47,000. NBC Securities Inc. bought a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $55,000. Signaturefd LLC boosted its stake in shares of Independent Bank Group by 49.8% in the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after buying an additional 503 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank Group by 51.3% in the third 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 in the last quarter. 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.