Independent Bank Group (NASDAQ:IBTX) Price Target Raised to $66.00 at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its target price upped by Truist Financial from $65.00 to $66.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

IBTX has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a report on Monday, July 29th. StockNews.com began coverage on shares of Independent Bank Group in a research note on Thursday, September 19th. They issued a sell rating on the stock. Finally, Piper Sandler raised shares of Independent Bank Group from an underweight rating to an overweight rating and raised their price objective for the stock from $38.00 to $58.00 in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Independent Bank Group has an average rating of Hold and a consensus target price of $58.33.

Independent Bank Group Stock Down 0.1 %

Shares of Independent Bank Group stock opened at $58.80 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Group has a 52-week low of $34.50 and a 52-week high of $61.76. The company has a market capitalization of $2.43 billion, a P/E ratio of 23.24 and a beta of 1.38. The company has a 50 day moving average of $56.00 and a 200 day moving average of $47.88.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same period in the previous year, the company earned $0.82 EPS. As a group, research analysts forecast that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.59%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Magnetar Financial LLC purchased a new position in shares of Independent Bank Group during the second quarter worth approximately $14,146,000. Silver Lake Advisory LLC purchased a new position in Independent Bank Group during the 2nd quarter worth $5,491,000. Dimensional Fund Advisors LP increased its stake in Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after buying an additional 35,806 shares during the last quarter. Finally, Edgestream Partners L.P. raised its holdings in shares of Independent Bank Group by 72.0% in the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock valued at $3,116,000 after buying an additional 28,579 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Company Profile

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.