Independent Bank Group’s (IBTX) “Overweight” Rating Reiterated at Stephens

Stephens reissued their overweight rating on shares of Independent Bank Group (NASDAQ:IBTX) in a research report released on Tuesday morning, Benzinga reports. Stephens currently has a $55.00 target price on the bank’s stock.

IBTX has been the topic of a number of other reports. Truist Financial dropped their price objective on shares of Independent Bank Group from $58.00 to $52.00 and set a buy rating on the stock in a research note on Monday, April 1st. StockNews.com raised shares of Independent Bank Group to a sell rating in a research report on Thursday, January 25th. Raymond James raised their price target 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. Finally, Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $53.00.

Independent Bank Group Stock Down 3.2 %

Independent Bank Group stock opened at $40.55 on Tuesday. Independent Bank Group has a 1-year low of $28.81 and a 1-year high of $53.25. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 38.99 and a beta of 1.33. The firm’s fifty day moving average price is $43.49 and its two-hundred day moving average price is $43.63. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, April 22nd. 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 4.68% and a return on equity of 5.76%. The firm had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period last year, the firm earned $1.07 earnings per share. The business’s quarterly revenue was down 15.3% compared to the same quarter last year. On average, equities research analysts predict that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. FMR LLC increased its holdings in Independent Bank Group by 12.6% during the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after buying an additional 414,666 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Independent Bank Group during the third quarter worth about $6,326,000. First Dallas Securities Inc. purchased a new stake in Independent Bank Group during the third quarter worth about $3,996,000. Dimensional Fund Advisors LP increased its holdings in Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after buying an additional 40,112 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Independent Bank Group by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after buying an additional 35,806 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Independent Bank Group Company Profile

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.