Independent Bank Group, Inc. (NASDAQ:IBTX) Given Average Recommendation of “Hold” by Brokerages

Independent Bank Group, Inc. (NASDAQ:IBTXGet Free Report) has been assigned an average rating of “Hold” from the six brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $49.00.

Several equities analysts have recently commented on IBTX shares. Hovde Group decreased their price target on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Piper Sandler lowered shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $48.00 to $38.00 in a research note on Wednesday, April 24th. Stephens reiterated an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Finally, Truist Financial reaffirmed a “hold” rating and set a $50.00 price objective (up previously from $46.00) on shares of Independent Bank Group in a research report on Wednesday.

View Our Latest Analysis on Independent Bank Group

Independent Bank Group Trading Down 3.6 %

Shares of IBTX stock opened at $44.90 on Thursday. The company’s 50-day moving average price is $42.48 and its 200-day moving average price is $44.57. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 17.75 and a beta of 1.36. Independent Bank Group has a twelve month low of $32.75 and a twelve month high of $53.25.

Independent Bank Group (NASDAQ:IBTXGet Free Report) last posted its quarterly earnings results 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 4.97%. The business had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter in the prior year, the company posted $1.07 EPS. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, equities analysts predict that Independent Bank Group will post 2.57 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s payout ratio is presently 60.08%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IBTX. Silvercrest Asset Management Group LLC lifted its position in shares of Independent Bank Group by 28.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock worth $3,703,000 after purchasing an additional 17,875 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Independent Bank Group by 6.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,033 shares of the bank’s stock worth $1,006,000 after buying an additional 1,273 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Independent Bank Group by 6.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 32,485 shares of the bank’s stock worth $1,482,000 after acquiring an additional 1,884 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Independent Bank Group by 6.8% during the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock worth $10,357,000 after acquiring an additional 14,534 shares in the last quarter. Finally, Edgestream Partners L.P. increased its holdings in shares of Independent Bank Group by 72.0% in the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after acquiring an additional 28,579 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

About Independent Bank Group

(Get Free Report

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.

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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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