Stephens Reaffirms “Overweight” Rating for Independent Bank Group (NASDAQ:IBTX)

Stephens reaffirmed their overweight rating on shares of Independent Bank Group (NASDAQ:IBTX) in a research report released on Tuesday morning, Benzinga reports. Stephens currently has a $55.00 price target on the bank’s stock.

Other research analysts have also issued reports about the company. Raymond James raised their price target on 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 upgraded Independent Bank Group to a sell rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Finally, Truist Financial reduced their target price on Independent Bank Group from $58.00 to $52.00 and set a buy rating on the stock in a report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $49.83.

Independent Bank Group Price Performance

Shares of IBTX stock opened at $39.26 on Tuesday. The stock has a 50 day moving average of $43.32 and a two-hundred day moving average of $43.62. 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. The company has a market capitalization of $1.62 billion, a P/E ratio of 15.52 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS 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 company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. During the same quarter last year, the company earned $1.07 EPS. The company’s quarterly revenue was down 15.3% on a year-over-year basis. As a group, equities analysts expect that Independent Bank Group will post 2.79 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.87%. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IBTX. SG Americas Securities LLC boosted its position in Independent Bank Group by 137.5% during the third quarter. SG Americas Securities LLC now owns 23,217 shares of the bank’s stock valued at $918,000 after purchasing an additional 13,443 shares during the last quarter. Callahan Advisors LLC acquired a new position in Independent Bank Group during the third quarter valued at approximately $201,000. Cambridge Investment Research Advisors Inc. boosted its position in Independent Bank Group by 1.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after purchasing an additional 295 shares during the last quarter. Tectonic Advisors LLC boosted its position in Independent Bank Group by 96.9% during the third quarter. Tectonic Advisors LLC now owns 16,596 shares of the bank’s stock valued at $656,000 after purchasing an additional 8,168 shares during the last quarter. Finally, Raymond James & Associates raised its stake in Independent Bank Group by 5.8% in the third quarter. Raymond James & Associates now owns 16,282 shares of the bank’s stock valued at $644,000 after buying an additional 891 shares during the period. 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.