Hovde Group Lowers Independent Bank Group (NASDAQ:IBTX) Price Target to $46.00

Independent Bank Group (NASDAQ:IBTX) had its target price decreased by investment analysts at Hovde Group from $53.00 to $46.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has a “market perform” rating on the bank’s stock. Hovde Group’s target price suggests a potential upside of 17.17% from the company’s previous close.

IBTX has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Truist Financial dropped their price objective on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, April 1st. StockNews.com upgraded Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Stephens restated an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday. Finally, Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $48.00 to $38.00 in a report on Wednesday. Two 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $49.83.

Independent Bank Group Price Performance

NASDAQ IBTX opened at $39.26 on Wednesday. The company has a 50 day simple moving average of $43.32 and a 200-day simple moving average of $43.62. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 15.52 and a beta of 1.33. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same quarter in the prior year, the company posted $1.07 earnings per share. The firm’s revenue was down 15.3% on a year-over-year basis. Equities research analysts predict that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTX. NBC Securities Inc. grew its stake in shares of Independent Bank Group by 19.7% in the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after acquiring an additional 275 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Independent Bank Group by 1.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock worth $809,000 after acquiring an additional 295 shares during the last quarter. Signaturefd LLC grew its stake in shares of Independent Bank Group by 49.8% in the third quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after acquiring an additional 503 shares during the last quarter. Tectonic Advisors LLC grew its stake in shares of Independent Bank Group by 3.7% in the fourth quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after acquiring an additional 609 shares during the last quarter. Finally, Tudor Investment Corp Et Al grew its stake in shares of Independent Bank Group by 0.7% in the third quarter. Tudor Investment Corp Et Al now owns 103,891 shares of the bank’s stock worth $4,109,000 after acquiring an additional 728 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.