Independent Bank Group, Inc. (NASDAQ:IBTX) Receives $60.33 Average Price Target from Brokerages

Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report) has been given an average rating of "Moderate Buy" by the six brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $60.33.

Several brokerages have issued reports on IBTX. StockNews.com initiated coverage on Independent Bank Group in a report on Monday. They issued a "sell" rating on the stock. Keefe, Bruyette & Woods increased their target price on Independent Bank Group from $72.00 to $81.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Finally, Truist Financial decreased their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a "hold" rating for the company in a research note on Wednesday, October 23rd.

Independent Bank Group Stock Down 0.6 %

Shares of Independent Bank Group stock traded down $0.42 during trading on Monday, reaching $65.30. 548,074 shares of the company traded hands, compared to its average volume of 241,421. The firm has a market capitalization of $2.71 billion, a PE ratio of -6.24 and a beta of 1.39. Independent Bank Group has a 1-year low of $36.47 and a 1-year high of $68.66. The company has a 50 day moving average price of $62.79 and a 200-day moving average price of $55.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same quarter in the prior year, the company posted $0.79 EPS. As a group, equities research analysts expect that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.33%. Independent Bank Group's dividend payout ratio (DPR) is currently -14.53%.

Hedge Funds Weigh In On Independent Bank Group

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank's stock valued at $50,000 after acquiring an additional 820 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Independent Bank Group in the third quarter worth $204,000. Hancock Whitney Corp bought a new position in Independent Bank Group in the 3rd quarter valued at $222,000. AQR Capital Management LLC purchased a new stake in shares of Independent Bank Group during the 2nd quarter valued at $212,000. Finally, Everence Capital Management Inc. bought a new stake in shares of Independent Bank Group during the 3rd quarter worth $273,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.