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

Independent Bank Group (NASDAQ:IBTX) had its target price trimmed by Hovde Group from $53.00 to $46.00 in a research note published on Wednesday morning, MarketBeat reports. The firm currently has a market perform rating on the bank’s stock.

Several other analysts have also issued reports on the stock. Truist Financial reduced their target price on shares of Independent Bank Group from $58.00 to $52.00 and set a buy rating for the company in a research note on Monday, April 1st. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and reduced their price target for the company from $48.00 to $38.00 in a research report on Wednesday. Stephens restated an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday. Finally, Raymond James increased 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. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average price target of $50.83.

Independent Bank Group Stock Performance

IBTX opened at $40.82 on Wednesday. Independent Bank Group has a 1-year low of $28.81 and a 1-year high of $53.25. 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 company has a market cap of $1.69 billion, a price-to-earnings ratio of 16.13 and a beta of 1.33. The company’s fifty day moving average price is $43.41 and its two-hundred day moving average price is $43.64.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the prior year, the business posted $1.07 EPS. The business’s revenue was down 15.3% compared to the same quarter last year. On average, analysts expect that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 3.72%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in Independent Bank Group during the fourth quarter worth about $47,000. NBC Securities Inc. bought a new position in Independent Bank Group during the third quarter worth about $55,000. Signaturefd LLC boosted its position in Independent Bank Group by 49.8% during the third 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. PNC Financial Services Group Inc. boosted its position in Independent Bank Group by 51.3% during the third 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 during the period. Finally, Relative Value Partners Group LLC bought a new position in Independent Bank Group during the fourth quarter worth about $217,000. 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.