Independent Bank Group (NASDAQ:IBTX) Price Target Raised to $57.00

Independent Bank Group (NASDAQ:IBTX) had its price objective hoisted by Keefe, Bruyette & Woods from $46.00 to $57.00 in a report issued on Tuesday, Benzinga reports. They currently have an outperform rating on the bank’s stock.

IBTX has been the subject of several other reports. Stephens reissued an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Hovde Group dropped their price objective on Independent Bank Group from $53.00 to $46.00 and set a market perform rating for the company in a report on Wednesday, April 24th. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and boosted their price objective for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Truist Financial dropped their price objective on Independent Bank Group from $50.00 to $48.00 and set a hold rating for the company in a report on Monday. Finally, StockNews.com initiated coverage on Independent Bank Group in a report on Tuesday. They set a sell rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Independent Bank Group presently has an average rating of Hold and an average target price of $53.83.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $49.32 on Tuesday. The stock has a 50-day simple moving average of $44.24 and a 200 day simple moving average of $45.06. 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 $34.50 and a 12-month high of $53.25. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 19.49 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $119.10 million during the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $1.07 earnings per share. On average, research analysts anticipate that Independent Bank Group will post 2.56 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were given a $0.38 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.08%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Independent Bank Group by 7.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after purchasing an additional 28,395 shares during the period. Finally, Bessemer Group Inc. grew its position in shares of Independent Bank Group by 6.8% in the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after purchasing an additional 14,534 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.