Truist Financial Trims Independent Bank Group (NASDAQ:IBTX) Target Price to $63.00

Independent Bank Group (NASDAQ:IBTX) had its price target reduced by equities research analysts at Truist Financial from $66.00 to $63.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s price objective indicates a potential upside of 6.91% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. StockNews.com assumed coverage on Independent Bank Group in a report on Monday. They set a “sell” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $57.83.

Independent Bank Group Trading Up 1.8 %

IBTX opened at $58.93 on Wednesday. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $62.25. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 23.29 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $57.51 and a 200 day moving average price of $50.07.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The company had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period in the previous year, the firm earned $0.79 earnings per share. Sell-side analysts expect that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Institutional Trading of Independent Bank Group

Institutional investors have recently bought and sold shares of the business. Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group in the 2nd quarter valued at about $14,146,000. Silver Lake Advisory LLC purchased a new stake in shares of Independent Bank Group in the 2nd quarter valued at about $5,491,000. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Group by 1.7% in the 2nd 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 last quarter. Edgestream Partners L.P. lifted 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 purchasing an additional 28,579 shares during the last quarter. Finally, Versor Investments LP purchased a new stake in shares of Independent Bank Group in the 2nd quarter valued at about $1,296,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.