Analysts Set Independent Bank Group, Inc. (NASDAQ:IBTX) Target Price at $52.33

Independent Bank Group, Inc. (NASDAQ:IBTX) has received an average rating of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $52.33.

A number of brokerages have weighed in on IBTX. Stephens reiterated an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Truist Financial restated a “hold” rating and issued a $50.00 price objective (up previously from $46.00) on shares of Independent Bank Group in a report on Wednesday, May 29th. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $38.00 to $58.00 in a report on Friday, May 31st. Hovde Group dropped their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday, April 24th. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a report on Monday. They issued a “sell” rating for the company.

Independent Bank Group Price Performance

Shares of IBTX opened at $45.52 on Monday. Independent Bank Group has a 1-year low of $34.30 and a 1-year high of $53.25. The stock has a market cap of $1.88 billion, a PE ratio of 17.99 and a beta of 1.41. The firm has a 50-day simple moving average of $43.06 and a two-hundred day simple moving average of $45.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, beating 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 business earned $1.07 earnings per share. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, analysts forecast that Independent Bank Group will post 2.56 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.34%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IBTX. Charles Schwab Investment Management Inc. lifted its stake in Independent Bank Group by 9.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 400,398 shares of the bank’s stock worth $15,836,000 after acquiring an additional 33,952 shares during the last quarter. Deutsche Bank AG lifted its stake in Independent Bank Group by 9.8% in the third quarter. Deutsche Bank AG now owns 17,722 shares of the bank’s stock worth $701,000 after acquiring an additional 1,579 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after acquiring an additional 925 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in Independent Bank Group by 34.7% in the third quarter. Kestra Advisory Services LLC now owns 9,488 shares of the bank’s stock worth $375,000 after acquiring an additional 2,446 shares during the last quarter. Finally, FMR LLC lifted its stake in Independent Bank Group by 12.6% in the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after acquiring an additional 414,666 shares during the last quarter. Hedge funds and other 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.