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

Independent Bank Group (NASDAQ:IBTX) had its price objective cut by Truist Financial from $52.00 to $46.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s price objective suggests a potential upside of 16.93% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Stephens reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $48.00 to $38.00 in a research report on Wednesday. StockNews.com upgraded Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Finally, Raymond James raised their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.33.

Independent Bank Group Stock Up 0.2 %

Shares of NASDAQ:IBTX opened at $39.34 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25. The business’s 50 day simple moving average is $43.17 and its two-hundred day simple moving average is $43.59. The firm has a market cap of $1.63 billion, a P/E ratio of 15.55 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. Independent Bank Group’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same period last year, the business earned $1.07 EPS. As a group, research analysts forecast that Independent Bank Group will post 2.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors have recently modified their holdings of the company. SG Americas Securities LLC boosted its stake in Independent Bank Group by 137.5% in the third quarter. SG Americas Securities LLC now owns 23,217 shares of the bank’s stock worth $918,000 after buying an additional 13,443 shares in the last quarter. Callahan Advisors LLC purchased a new position in Independent Bank Group in the 3rd quarter worth $201,000. Cambridge Investment Research Advisors Inc. raised its position in Independent Bank Group by 1.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock worth $809,000 after purchasing an additional 295 shares during the period. 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 buying an additional 8,168 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Independent Bank Group by 5.8% during 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 last quarter. 77.90% of the stock is currently owned by 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.