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

Independent Bank Group (NASDAQ:IBTX) had its price target cut by Truist Financial from $52.00 to $46.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the bank’s stock.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods upped their price target on 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 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. StockNews.com raised Independent Bank Group to a sell rating in a research report on Thursday, January 25th. Raymond James upped their price target on Independent Bank Group from $56.00 to $59.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Finally, Stephens reissued an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $48.33.

Independent Bank Group Stock Up 0.2 %

Shares of Independent Bank Group stock opened at $39.34 on Thursday. The stock’s fifty day moving average is $43.04 and its 200-day moving average is $43.63. The firm has a market capitalization of $1.63 billion, a PE ratio of 15.55 and a beta of 1.33. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for 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%. Independent Bank Group’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.07 earnings per share. Equities analysts anticipate that Independent Bank Group will post 2.63 earnings per share for the current year.

Independent Bank Group Dividend Announcement

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 paid a $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.86%. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC purchased a new position in Independent Bank Group in the fourth quarter valued at about $47,000. NBC Securities Inc. acquired a new position in shares of Independent Bank Group during the 3rd quarter valued at about $55,000. Signaturefd LLC increased 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 valued at $60,000 after acquiring an additional 503 shares during the last quarter. PNC Financial Services Group Inc. increased 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 valued at $108,000 after acquiring an additional 925 shares during the last quarter. Finally, Callahan Advisors LLC acquired a new position in shares of Independent Bank Group during the 3rd quarter valued at about $201,000. Hedge funds and other 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.