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

Independent Bank Group (NASDAQ:IBTX) had its price target reduced by Keefe, Bruyette & Woods from $55.00 to $46.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 15.78% from the stock’s current price.

Several other analysts also recently weighed in on IBTX. Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $48.00 to $38.00 in a report on Wednesday. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday. Truist Financial decreased their price target on shares of Independent Bank Group from $52.00 to $46.00 and set a “buy” rating for the company in a research report on Thursday. Raymond James raised their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Finally, StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $48.33.

Independent Bank Group Price Performance

NASDAQ IBTX traded up $0.47 during trading hours on Friday, hitting $39.73. 20,401 shares of the company’s stock traded hands, compared to its average volume of 226,118. Independent Bank Group has a 52-week low of $28.81 and a 52-week high of $53.25. The company has a market capitalization of $1.64 billion, a PE ratio of 15.70 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average is $43.32 and its 200-day moving average is $43.62.

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

Institutional Investors Weigh In On Independent Bank Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in 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 during the period. FMR LLC increased its stake in 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 during the period. Dimensional Fund Advisors LP increased its stake in 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 during the period. The Manufacturers Life Insurance Company increased its stake in 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 during the period. Finally, The Manufacturers Life Insurance Company increased its stake in 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 during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.