Independent Bank Group (NASDAQ:IBTX) PT Lowered to $46.00

Independent Bank Group (NASDAQ:IBTX) had its price target dropped by equities researchers at Keefe, Bruyette & Woods from $55.00 to $46.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 15.78% from the company’s previous close.

Several other equities research analysts have also recently commented on IBTX. Hovde Group decreased their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday. StockNews.com raised Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Raymond James raised their price objective on Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Stephens reissued an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday. Finally, Truist Financial reduced their price objective on Independent Bank Group from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday. Two 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. Based on data from MarketBeat, Independent Bank Group presently has an average rating of “Hold” and an average price target of $48.33.

Independent Bank Group Trading Up 1.2 %

Shares of IBTX stock traded up $0.47 on Friday, hitting $39.73. The company had a trading volume of 20,401 shares, compared to its average volume of 226,118. The firm has a market cap of $1.64 billion, a P/E ratio of 15.70 and a beta of 1.33. The stock’s 50-day moving average is $43.32 and its two-hundred day moving average is $43.62. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The business had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter last year, the firm posted $1.07 earnings per share. The firm’s revenue was down 15.3% on a year-over-year basis. On average, equities research analysts anticipate that Independent Bank Group will post 2.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Independent Bank Group by 0.5% in the fourth 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 in the last quarter. FMR LLC lifted its holdings in shares of Independent Bank Group by 12.6% in the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Group by 1.9% in the fourth 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 in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Independent Bank Group by 4.9% in the fourth 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 in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Independent Bank Group by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock valued at $29,064,000 after purchasing an additional 4,494 shares in the last quarter. 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.