Independent Bank Group (NASDAQ:IBTX) PT Lowered to $46.00 at Keefe, Bruyette & Woods

Independent Bank Group (NASDAQ:IBTX) had its price target reduced by Keefe, Bruyette & Woods from $55.00 to $46.00 in a research report sent to investors on Friday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

Several other analysts also recently issued reports on the company. Truist Financial cut their price target on Independent Bank Group from $52.00 to $46.00 and set a buy rating on the stock in a report on Thursday. Stephens reissued an overweight rating and issued a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. Hovde Group cut their price target on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a report on Wednesday, April 24th. 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 report on Wednesday, January 24th. Finally, Piper Sandler downgraded Independent Bank Group from a neutral rating to an underweight rating and cut their price target for the stock from $48.00 to $38.00 in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $48.33.

Independent Bank Group Price Performance

Shares of IBTX opened at $39.34 on Friday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33. The stock has a 50 day moving average of $43.04 and a 200-day moving average of $43.63. 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 52 week low of $28.81 and a 52 week high of $53.25.

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

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Wednesday, May 1st. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Trading of Independent Bank Group

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new stake in Independent Bank Group during the 4th quarter valued at $47,000. NBC Securities Inc. bought a new stake in Independent Bank Group during the 3rd quarter valued at $55,000. Signaturefd LLC raised its stake in Independent Bank Group by 49.8% during the 3rd 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 stake in shares of Independent Bank Group by 51.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after buying an additional 925 shares in the last quarter. Finally, Callahan Advisors LLC bought a new stake in shares of Independent Bank Group in the 3rd quarter worth $201,000. Institutional investors own 77.90% of the company’s stock.

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.