Piper Sandler Lowers Independent Bank Group (NASDAQ:IBTX) to Underweight

Piper Sandler downgraded shares of Independent Bank Group (NASDAQ:IBTX) from a neutral rating to an underweight rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The firm currently has $38.00 price target on the bank’s stock, down from their previous price target of $48.00.

Several other research analysts have also commented on the stock. Raymond James increased their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a research note on Wednesday, January 24th. Truist Financial dropped their price target 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. Stephens restated an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday, January 24th. Finally, StockNews.com upgraded shares of Independent Bank Group to a sell rating in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $50.83.

Independent Bank Group Stock Up 0.7 %

IBTX stock opened at $40.82 on Wednesday. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $53.25. 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 company has a market cap of $1.68 billion, a price-to-earnings ratio of 39.25 and a beta of 1.33. The company has a 50 day moving average of $43.41 and a two-hundred day moving average of $43.64.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping 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 company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the prior year, the business posted $1.07 EPS. Independent Bank Group’s quarterly revenue was down 15.3% on a year-over-year basis. On average, equities analysts anticipate that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

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

Institutional Trading of Independent Bank Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC acquired a new stake in Independent Bank Group in the 4th quarter worth $47,000. NBC Securities Inc. acquired a new stake in Independent Bank Group in the 3rd quarter worth $55,000. Signaturefd LLC grew its position in Independent Bank Group by 49.8% in the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after purchasing an additional 503 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Independent Bank Group by 51.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after purchasing an additional 925 shares during the last quarter. Finally, Relative Value Partners Group LLC acquired a new stake in Independent Bank Group in the 4th quarter worth $217,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.