Independent Bank Group (NASDAQ:IBTX) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Independent Bank Group (NASDAQ:IBTX) issued its quarterly earnings results on Wednesday. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02, Briefing.com reports. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. During the same quarter in the prior year, the company earned $0.82 EPS.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX traded up $2.65 during midday trading on Thursday, reaching $57.78. 166,619 shares of the company’s stock traded hands, compared to its average volume of 265,527. The company has a fifty day simple moving average of $46.45 and a two-hundred day simple moving average of $45.18. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.39 billion, a P/E ratio of 22.92 and a beta of 1.41. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $58.10.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IBTX. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Truist Financial dropped their price objective on shares of Independent Bank Group from $50.00 to $48.00 and set a “hold” rating on the stock in a research note on Monday, July 8th. Hovde Group dropped their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Finally, StockNews.com started coverage on shares of Independent Bank Group in a research note on Thursday. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $53.83.

Independent Bank Group Company Profile

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.