Independent Bank Group (NASDAQ:IBTX) Given New $66.00 Price Target at Truist Financial

Independent Bank Group (NASDAQ:IBTX - Free Report) had its price objective raised by Truist Financial from $65.00 to $66.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the bank's stock.

IBTX has been the subject of several other reports. Piper Sandler raised Independent Bank Group from an underweight rating to an overweight rating and lifted their price objective for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. StockNews.com started coverage on Independent Bank Group in a research note on Thursday. They issued a sell rating on the stock. Finally, Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $58.33.

Independent Bank Group Trading Down 3.6 %

Shares of NASDAQ:IBTX traded down $2.17 during mid-day trading on Friday, reaching $58.83. 1,022,484 shares of the company's stock were exchanged, compared to its average volume of 249,832. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 23.47 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $61.76. The business's fifty day moving average price is $55.68 and its 200-day moving average price is $47.63.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last released its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The business had revenue of $252.52 million during the quarter, compared to the consensus estimate of $120.25 million. During the same quarter in the prior year, the firm posted $0.82 EPS. On average, research analysts predict that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were paid a $0.38 dividend. The ex-dividend date was Monday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.58%. Independent Bank Group's dividend payout ratio (DPR) is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of institutional investors have recently modified their holdings of IBTX. Headlands Technologies LLC bought a new stake in Independent Bank Group during the 1st quarter valued at $30,000. Fidelis Capital Partners LLC acquired a new stake in shares of Independent Bank Group in the 1st quarter worth about $33,000. NBC Securities Inc. lifted its position in 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 acquiring an additional 275 shares in the last quarter. SG Americas Securities LLC bought a new position in Independent Bank Group in the 1st quarter valued at about $203,000. Finally, AQR Capital Management LLC acquired a new position in Independent Bank Group during the 2nd quarter valued at about $212,000. 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.