Independent Bank Group (NASDAQ:IBTX) Price Target Raised to $81.00

Independent Bank Group (NASDAQ:IBTX) had its price target increased by investment analysts at Keefe, Bruyette & Woods from $72.00 to $81.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 22.50% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Truist Financial reduced their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. StockNews.com started coverage on shares of Independent Bank Group in a research note on Saturday. They issued a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $60.33.

Independent Bank Group Price Performance

Shares of IBTX traded down $0.51 during mid-day trading on Wednesday, reaching $66.12. The stock had a trading volume of 63,349 shares, compared to its average volume of 237,788. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -6.32 and a beta of 1.39. Independent Bank Group has a 12 month low of $36.47 and a 12 month high of $68.66. The business has a fifty day moving average of $61.00 and a 200 day moving average of $54.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same period last year, the firm posted $0.79 EPS. Equities analysts predict that Independent Bank Group will post 2.7 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares during the period. CIBC Asset Management Inc acquired a new stake in Independent Bank Group in the 3rd quarter valued at $204,000. Hancock Whitney Corp acquired a new stake in Independent Bank Group in the 3rd quarter valued at $222,000. AQR Capital Management LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at $212,000. Finally, Everence Capital Management Inc. acquired a new stake in Independent Bank Group in the 3rd quarter valued at $273,000. 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.