Independent Bank Group (IBTX) – Research Analysts’ Weekly Ratings Changes

Posted by Scott Moore on May 8th, 2024

Several brokerages have updated their recommendations and price targets on shares of Independent Bank Group (NASDAQ: IBTX) in the last few weeks:

4/26/2024 – Independent Bank Group had its price target lowered by analysts at Keefe, Bruyette & Woods from $55.00 to $46.00. They now have an “outperform” rating on the stock.
4/25/2024 – Independent Bank Group had its price target lowered by analysts at Truist Financial Co. from $52.00 to $46.00. They now have a “buy” rating on the stock.
4/24/2024 – Independent Bank Group was downgraded by analysts at Piper Sandler from a “neutral” rating to an “underweight” rating. They now have a $38.00 price target on the stock, down previously from $48.00.
4/24/2024 – Independent Bank Group had its price target lowered by analysts at Hovde Group from $53.00 to $46.00. They now have a “market perform” rating on the stock.
4/23/2024 – Independent Bank Group had its “overweight” rating reaffirmed by analysts at Stephens. They now have a $55.00 price target on the stock.
4/1/2024 – Independent Bank Group had its price target lowered by analysts at Truist Financial Co. from $58.00 to $52.00. They now have a “buy” rating on the stock.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $40.73 on Wednesday. The company has a market cap of $1.69 billion, a P/E ratio of 16.10 and a beta of 1.36. The business has a 50-day moving average price of $42.30 and a two-hundred day moving average price of $43.72. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group, Inc. has a 1-year low of $29.24 and a 1-year high of $53.25.

Independent Bank Group (NASDAQ:IBTX – Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $121.39 million. During the same period in the prior year, the business earned $1.07 EPS. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, analysts anticipate that Independent Bank Group, Inc. will post 2.63 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.73%. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Independent Bank Group by 1.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 20,459 shares of the bank’s stock valued at $809,000 after acquiring an additional 295 shares in the last quarter. Raymond James & Associates grew its stake in Independent Bank Group by 5.8% in the 3rd quarter. Raymond James & Associates now owns 16,282 shares of the bank’s stock valued at $644,000 after purchasing an additional 891 shares during the period. Signaturefd LLC increased its position in shares of Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after purchasing an additional 503 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Independent Bank Group during the 3rd quarter worth $55,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Independent Bank Group by 19.0% in the 3rd quarter. Victory Capital Management Inc. now owns 14,842 shares of the bank’s stock worth $587,000 after buying an additional 2,373 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.