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

Independent Bank Group (NASDAQ:IBTX) was downgraded by Piper Sandler from a “neutral” rating to an “underweight” rating in a note issued to investors on Wednesday, MarketBeat reports. They presently have a $38.00 price objective on the bank’s stock, down from their previous price objective of $48.00. Piper Sandler’s price target suggests a potential downside of 3.21% from the stock’s current price.

Several other analysts have also recently commented on IBTX. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Truist Financial lowered their target price on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, April 1st. Keefe, Bruyette & Woods lifted 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 note on Wednesday, January 24th. Stephens reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday. Finally, Raymond James lifted 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 note on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Independent Bank Group currently has a consensus rating of “Hold” and a consensus price target of $49.83.

Independent Bank Group Trading Down 3.8 %

Shares of IBTX opened at $39.26 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $43.32 and a 200-day simple moving average of $43.62. Independent Bank Group has a 1-year low of $28.81 and a 1-year high of $53.25. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 15.52 and a beta of 1.33.

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 net margin of 10.96% and a return on equity of 4.97%. The business had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same period last year, the company posted $1.07 EPS. The company’s revenue was down 15.3% on a year-over-year basis. Equities analysts forecast that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Institutional Trading of Independent Bank Group

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Independent Bank Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after buying an additional 22,245 shares during the period. FMR LLC lifted its holdings in shares of Independent Bank Group by 12.6% during the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after acquiring an additional 414,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after acquiring an additional 35,806 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Independent Bank Group by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock valued at $29,064,000 after acquiring an additional 4,494 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.