IBTX has been the topic of several other reports. Truist Financial cut their target price on Independent Bank Group from $74.00 to $70.00 in a research note on Friday, December 9th. Hovde Group downgraded Independent Bank Group from an outperform rating to a market perform rating and cut their target price for the company from $82.50 to $70.00 in a research note on Wednesday, October 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $73.75.
Independent Bank Group Stock Performance
Independent Bank Group stock opened at $59.37 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $2.45 billion, a P/E ratio of 11.97 and a beta of 1.41. The stock’s 50 day moving average is $62.15 and its 200 day moving average is $65.65. Independent Bank Group has a twelve month low of $56.22 and a twelve month high of $79.63.
Independent Bank Group Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, November 17th. Stockholders of record on Thursday, November 3rd were issued a dividend of $0.38 per share. The ex-dividend date was Wednesday, November 2nd. This represents a $1.52 annualized dividend and a dividend yield of 2.56%. Independent Bank Group’s payout ratio is 30.65%.
Hedge Funds Weigh In On Independent Bank Group
Several hedge funds and other institutional investors have recently modified their holdings of IBTX. Wipfli Financial Advisors LLC bought a new position in shares of Independent Bank Group during the 3rd quarter valued at $37,000. Brown Brothers Harriman & Co. bought a new position in Independent Bank Group in the 1st quarter worth $38,000. EverSource Wealth Advisors LLC raised its holdings in Independent Bank Group by 538.4% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,864 shares of the bank’s stock worth $115,000 after purchasing an additional 1,572 shares during the period. Point72 Hong Kong Ltd raised its holdings in Independent Bank Group by 17.8% in the 1st quarter. Point72 Hong Kong Ltd now owns 1,876 shares of the bank’s stock worth $133,000 after purchasing an additional 283 shares during the period. Finally, Inspire Investing LLC bought a new position in Independent Bank Group in the 3rd quarter worth $208,000. 75.83% of the stock is owned by institutional investors.
About Independent Bank Group
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.
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