Hovde Group Lowers Independent Bank Group (NASDAQ:IBTX) Price Target to $46.00

Independent Bank Group (NASDAQ:IBTX) had its target price cut by Hovde Group from $53.00 to $46.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage presently has a “market perform” rating on the bank’s stock. Hovde Group’s price target indicates a potential upside of 17.17% from the company’s current price.

Several other research firms also recently issued reports on IBTX. Stephens reiterated an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Raymond James boosted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock 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. Finally, Truist Financial reduced their target price 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 investment analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.83.

Independent Bank Group Price Performance

IBTX opened at $39.26 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25. The company has a 50 day moving average of $43.32 and a two-hundred day moving average of $43.62. The company has a market cap of $1.62 billion, a P/E ratio of 15.52 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (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 earned $1.07 earnings per share. Independent Bank Group’s revenue for the quarter was down 15.3% on a year-over-year basis. On average, analysts expect that Independent Bank Group will post 2.88 earnings per share for the current year.

Institutional Trading of Independent Bank Group

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new stake in Independent Bank Group in the fourth quarter valued at $47,000. NBC Securities Inc. acquired a new stake in Independent Bank Group in the third quarter valued at $55,000. Signaturefd LLC raised its holdings in Independent Bank Group by 49.8% in the third quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after acquiring an additional 503 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank Group by 51.3% during the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after purchasing an additional 925 shares during the period. Finally, Relative Value Partners Group LLC acquired a new stake in shares of Independent Bank Group during the fourth quarter worth $217,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Independent Bank Group Company Profile

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.