Independent Bank Group (NASDAQ:IBTX) PT Lowered to $48.00

Independent Bank Group (NASDAQ:IBTX) had its price objective cut by Truist Financial from $50.00 to $48.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s price target points to a potential upside of 5.17% from the stock’s current price.

IBTX has been the topic of several other reports. Keefe, Bruyette & Woods lowered their target price on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. StockNews.com initiated coverage on shares of Independent Bank Group in a research note on Monday, July 1st. They issued a “sell” rating on the stock. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. Stephens reiterated an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Finally, Hovde Group reduced their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $53.83.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $45.64 on Monday. The firm’s fifty day simple moving average is $43.85 and its 200-day simple moving average is $45.01. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $53.25. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 18.04 and a beta of 1.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period in the previous year, the business posted $1.07 earnings per share. Independent Bank Group’s quarterly revenue was down 15.3% on a year-over-year basis. As a group, equities analysts forecast that Independent Bank Group will post 2.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IBTX. Headlands Technologies LLC purchased a new stake in shares of Independent Bank Group during the 1st quarter worth approximately $30,000. Fidelis Capital Partners LLC acquired a new position in Independent Bank Group during the first quarter worth $33,000. GAMMA Investing LLC purchased a new stake in Independent Bank Group during the fourth quarter worth $47,000. NBC Securities Inc. boosted its position in Independent Bank Group by 19.7% during the first quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares in the last quarter. Finally, Relative Value Partners Group LLC acquired a new stake in Independent Bank Group in the fourth quarter valued at $217,000. 77.90% of the stock is currently 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.