Brokerages Set Independent Bank Group, Inc. (NASDAQ:IBTX) PT at $46.75

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned an average rating of “Moderate Buy” from the four brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $46.75.

IBTX has been the subject of several recent research reports. Piper Sandler reaffirmed a “neutral” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Independent Bank Group in a research report on Wednesday, July 26th. Stephens cut their price objective on shares of Independent Bank Group from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. Keefe, Bruyette & Woods lowered their target price on Independent Bank Group from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 25th. Truist Financial boosted their price target on Independent Bank Group from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Finally, StockNews.com upgraded Independent Bank Group to a “sell” rating in a research note on Monday, October 23rd.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Numerai GP LLC bought a new position in shares of Independent Bank Group in the 1st quarter worth about $747,000. Texas Permanent School Fund Corp raised its position in shares of Independent Bank Group by 29.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,769 shares of the bank’s stock worth $1,472,000 after purchasing an additional 7,171 shares during the period. EA Series Trust bought a new stake in shares of Independent Bank Group in the 2nd quarter worth approximately $3,000,000. Venturi Wealth Management LLC acquired a new position in Independent Bank Group during the 1st quarter valued at approximately $31,000. Finally, SG Americas Securities LLC grew its stake in Independent Bank Group by 557.7% during the 1st quarter. SG Americas Securities LLC now owns 15,575 shares of the bank’s stock worth $722,000 after buying an additional 13,207 shares during the last quarter. Institutional investors and hedge funds own 74.74% of the company’s stock.

Independent Bank Group Stock Up 1.8 %

Shares of Independent Bank Group stock opened at $39.02 on Friday. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $67.38. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 23.37 and a beta of 1.39. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average price of $38.18 and a 200 day moving average price of $38.27.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Tuesday, October 24th. The bank reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.08. The company had revenue of $236.39 million during the quarter, compared to the consensus estimate of $127.03 million. Independent Bank Group had a return on equity of 6.79% and a net margin of 7.85%. During the same quarter in the prior year, the business earned $1.33 earnings per share. Equities research analysts forecast that Independent Bank Group will post 3.31 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Stockholders of record on Thursday, November 2nd were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, November 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.90%. Independent Bank Group’s dividend payout ratio (DPR) is presently 91.02%.

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.