Independent Bank Group (NASDAQ:IBTX) Price Target Raised to $81.00

Independent Bank Group (NASDAQ:IBTX) had its target price boosted by Keefe, Bruyette & Woods from $72.00 to $81.00 in a research report released on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

Several other equities research analysts have also weighed in on IBTX. Truist Financial reduced their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. StockNews.com assumed coverage on shares of Independent Bank Group in a report on Saturday, November 30th. They set a “sell” rating for the company. 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. According to data from MarketBeat.com, Independent Bank Group has an average rating of “Hold” and a consensus target price of $60.33.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $67.19 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $2.78 billion, a P/E ratio of -6.42 and a beta of 1.39. The stock’s 50-day moving average is $61.62 and its two-hundred day moving average is $54.95. Independent Bank Group has a fifty-two week low of $36.47 and a fifty-two week high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). The business had revenue of $255.18 million during 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 period in the previous year, the firm posted $0.79 EPS. Analysts predict 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 announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s payout ratio is presently -14.53%.

Institutional Trading of Independent Bank Group

Hedge funds have recently modified their holdings of the company. Magnetar Financial LLC acquired a new position in shares of Independent Bank Group in the second quarter valued at $14,146,000. FMR LLC raised its stake in Independent Bank Group by 8.1% during the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock worth $214,816,000 after acquiring an additional 279,112 shares in the last quarter. Silver Lake Advisory LLC acquired a new position in Independent Bank Group in the second quarter valued at about $5,491,000. Edgestream Partners L.P. acquired a new position in shares of Independent Bank Group in the 3rd quarter worth approximately $3,521,000. Finally, Westchester Capital Management LLC grew its holdings in shares of Independent Bank Group by 15.5% during the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock worth $17,554,000 after purchasing an additional 40,944 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

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.