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

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

A number of other equities analysts have also issued reports on the stock. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and upped their target price for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. 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 research report on Monday, July 29th. Finally, StockNews.com assumed coverage on Independent Bank Group in a research note on Thursday. They issued a sell rating for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $58.33.

Independent Bank Group Trading Down 3.6 %

IBTX stock opened at $58.83 on Friday. The business has a fifty day moving average price of $55.86 and a 200 day moving average price of $47.78. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $61.76. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 23.25 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 4.83% and a negative net margin of 43.02%. During the same period in the previous year, the business posted $0.82 earnings per share. Analysts expect that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were given a $0.38 dividend. The ex-dividend date was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.58%. Independent Bank Group’s dividend payout ratio is currently 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 IBTX. Headlands Technologies LLC acquired a new position in shares of Independent Bank Group during the 1st quarter worth about $30,000. Fidelis Capital Partners LLC bought a new position in Independent Bank Group during the 1st quarter worth approximately $33,000. NBC Securities Inc. grew its holdings in Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after purchasing an additional 275 shares during the period. SG Americas Securities LLC bought a new stake in Independent Bank Group in the first quarter valued at approximately $203,000. Finally, AQR Capital Management LLC acquired a new stake in Independent Bank Group in the second quarter worth $212,000. 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.