Keefe, Bruyette & Woods Cuts Independent Bank Group (NASDAQ:IBTX) Price Target to $46.00

Independent Bank Group (NASDAQ:IBTX) had its target price cut by equities research analysts at Keefe, Bruyette & Woods from $55.00 to $46.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 16.93% from the company’s current price.

A number of other equities analysts have also recently issued reports on the company. Raymond James raised their target price on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Stephens restated an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a report on Tuesday, April 23rd. StockNews.com upgraded Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Truist Financial reduced their target price on Independent Bank Group from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Hovde Group reduced their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.33.

Independent Bank Group Stock Up 0.2 %

Shares of IBTX stock opened at $39.34 on Friday. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25. The stock has a market cap of $1.63 billion, a P/E ratio of 15.55 and a beta of 1.33. 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 stock has a fifty day moving average price of $43.04 and a 200 day moving average price of $43.60.

Independent Bank Group (NASDAQ:IBTX) last announced 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. The firm had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned $1.07 earnings per share. Analysts predict that Independent Bank Group will post 2.63 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in shares of Independent Bank Group during the 4th quarter worth $47,000. NBC Securities Inc. acquired a new stake in shares of Independent Bank Group during the 3rd quarter worth $55,000. Signaturefd LLC grew its holdings in shares of Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after purchasing an additional 503 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank Group by 51.3% during 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 in the last quarter. Finally, Callahan Advisors LLC acquired a new stake in shares of Independent Bank Group during the 3rd quarter worth $201,000. 77.90% of the stock is 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.