Independent Bank Group (NASDAQ:IBTX) PT Raised to $66.00

Independent Bank Group (NASDAQ:IBTX) had its target price increased by equities research analysts at Truist Financial from $65.00 to $66.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 11.15% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. StockNews.com began coverage on shares of Independent Bank Group in a research report on Thursday. They issued a “sell” rating on the stock. Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $38.00 to $58.00 in a report on Friday, May 31st. Finally, Keefe, Bruyette & Woods increased their price objective 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 equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $58.33.

Independent Bank Group Trading Down 2.7 %

Shares of NASDAQ IBTX traded down $1.62 during midday trading on Friday, reaching $59.38. The company had a trading volume of 109,873 shares, compared to its average volume of 244,786. The stock has a market cap of $2.46 billion, a PE ratio of 23.47 and a beta of 1.38. Independent Bank Group has a one year low of $34.50 and a one year high of $61.76. The firm’s fifty day moving average price is $55.68 and its 200-day moving average price is $47.63. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The firm had revenue of $252.52 million during the quarter, compared to the consensus estimate of $120.25 million. During the same quarter in the previous year, the company posted $0.82 earnings per share. On average, equities research analysts anticipate that Independent Bank Group will post 2.86 earnings per share for the current year.

Institutional Investors Weigh In On Independent Bank Group

Hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in Independent Bank Group during the first quarter valued at $30,000. Fidelis Capital Partners LLC bought a new stake in Independent Bank Group during the first quarter worth about $33,000. NBC Securities Inc. grew its holdings in Independent Bank Group by 19.7% in 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 during the period. Relative Value Partners Group LLC bought a new position in shares of Independent Bank Group during the fourth quarter valued at approximately $217,000. Finally, SG Americas Securities LLC purchased a new position in shares of Independent Bank Group during the first quarter valued at approximately $203,000. 77.90% of the stock is currently owned by 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.