Independent Bank Group, Inc. (NASDAQ:IBTX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Independent Bank Group, Inc. (NASDAQ:IBTX) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $48.33.

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Stephens reaffirmed an “overweight” rating and issued a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. 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. Piper Sandler cut shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $48.00 to $38.00 in a research report on Wednesday, April 24th. Finally, Hovde Group dropped their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th.

Independent Bank Group Stock Performance

Shares of IBTX opened at $40.31 on Friday. 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 50-day moving average of $42.41 and a 200-day moving average of $43.62. The company has a market cap of $1.67 billion, a PE ratio of 15.93 and a beta of 1.36. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the business posted $1.07 EPS. On average, equities research analysts predict that Independent Bank Group will post 2.63 EPS 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. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.77%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds have recently modified their holdings of IBTX. NBC Securities Inc. raised its holdings in shares of Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Independent Bank Group by 1.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock worth $809,000 after purchasing an additional 295 shares during the period. Signaturefd LLC raised its holdings in shares of 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 period. Tectonic Advisors LLC raised its holdings in shares of Independent Bank Group by 3.7% in the 4th quarter. Tectonic Advisors LLC now owns 17,205 shares of the bank’s stock worth $875,000 after purchasing an additional 609 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Independent Bank Group in the 1st quarter worth approximately $33,000. Institutional investors 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.