Independent Bank Group (NASDAQ:IBTX) Given New $65.00 Price Target at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its target price lifted by Truist Financial from $48.00 to $65.00 in a research report sent to investors on Monday, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

A number of other research analysts have also commented on the company. Keefe, Bruyette & Woods raised their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an outperform rating in a report on Monday. StockNews.com assumed coverage on Independent Bank Group in a report on Thursday, July 25th. They set a sell rating on the stock. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and raised their price target for the company from $38.00 to $58.00 in a report on Friday, May 31st. Stephens reissued an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. Finally, Hovde Group lowered their target price on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Independent Bank Group presently has an average rating of Hold and an average price target of $58.17.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $55.72 on Monday. Independent Bank Group has a 1-year low of $34.50 and a 1-year high of $60.53. 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’s fifty day moving average price is $47.79 and its two-hundred day moving average price is $45.46. The firm has a market capitalization of $2.31 billion, a PE ratio of 22.02 and a beta of 1.40.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $252.52 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.82 earnings per share. On average, research analysts expect that Independent Bank Group will post 2.69 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Monday, August 5th. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IBTX. Headlands Technologies LLC acquired a new position in shares of Independent Bank Group in the 1st quarter valued at $30,000. Fidelis Capital Partners LLC acquired a new position in shares of Independent Bank Group in the 1st quarter valued at $33,000. GAMMA Investing LLC acquired a new position in shares of Independent Bank Group in the 4th quarter valued at $47,000. NBC Securities Inc. boosted its position in shares of Independent Bank Group by 19.7% in the 1st 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. Finally, SG Americas Securities LLC acquired a new position in shares of Independent Bank Group in the 1st quarter valued at $203,000. 77.90% of the stock is owned by institutional investors and hedge funds.

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.