Independent Bank Group (NASDAQ:IBTX) Price Target Lowered to $63.00 at Truist Financial

Independent Bank Group (NASDAQ:IBTX - Free Report) had its price target lowered by Truist Financial from $66.00 to $63.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the bank's stock.

Other equities analysts also recently issued research reports about the company. Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $57.00 to $66.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. StockNews.com started coverage on Independent Bank Group in a report on Monday. They issued a "sell" rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $57.83.

Independent Bank Group Stock Down 0.9 %

Shares of NASDAQ:IBTX traded down $0.55 during midday trading on Wednesday, hitting $57.91. The stock had a trading volume of 151,376 shares, compared to its average volume of 237,522. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The business's 50-day simple moving average is $57.29 and its 200-day simple moving average is $49.95. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $62.25. The company has a market cap of $2.40 billion, a P/E ratio of 23.11 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.21). The company had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 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 firm earned $0.79 earnings per share. On average, sell-side analysts forecast that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.62%. Independent Bank Group's dividend payout ratio is 60.08%.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. acquired a new stake in shares of Independent Bank Group during the 3rd quarter worth approximately $273,000. Blue Trust Inc. lifted its stake in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank's stock worth $50,000 after purchasing an additional 820 shares during the last quarter. Precedent Wealth Partners LLC acquired a new stake in shares of Independent Bank Group in the 3rd quarter valued at $415,000. Water Island Capital LLC bought a new position in shares of Independent Bank Group in the 2nd quarter valued at $806,000. Finally, Silver Lake Advisory LLC acquired a new position in shares of Independent Bank Group during the 2nd quarter worth $5,491,000. 77.90% of the stock is owned by institutional investors.

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.