Independent Bank Group (NASDAQ:IBTX) Shares Gap Down on Analyst Downgrade

Independent Bank Group, Inc. (NASDAQ:IBTX)’s share price gapped down prior to trading on Wednesday after Hovde Group lowered their price target on the stock from $53.00 to $46.00. The stock had previously closed at $40.55, but opened at $39.26. Hovde Group currently has a market perform rating on the stock. Independent Bank Group shares last traded at $40.92, with a volume of 31,181 shares traded.

A number of other equities research analysts have also weighed in on IBTX. Stephens reaffirmed an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday. Piper Sandler lowered shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $48.00 to $38.00 in a research note on Wednesday. Truist Financial cut their target price 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 note on Thursday, January 25th. Finally, Raymond James lifted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Two equities research analysts have 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, the stock presently has an average rating of “Hold” and an average target price of $50.83.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Independent Bank Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after acquiring an additional 22,245 shares during the period. FMR LLC raised its holdings 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 buying an additional 414,666 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Independent Bank Group by 1.9% in 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. The Manufacturers Life Insurance Company raised its holdings in Independent Bank Group by 4.9% in 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. Finally, The Manufacturers Life Insurance Company raised its holdings in Independent Bank Group by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock worth $29,064,000 after buying an additional 4,494 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Price Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm’s fifty day simple moving average is $43.41 and its 200-day simple moving average is $43.64. The firm has a market capitalization of $1.68 billion, a PE ratio of 39.25 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The firm had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same period in the previous year, the company earned $1.07 earnings per share. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. On average, research analysts forecast that Independent Bank Group, Inc. will post 2.88 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.72%. Independent Bank Group’s dividend payout ratio (DPR) is 146.15%.

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.