Independent Bank Group, Inc. (NASDAQ:IBTX) Given Average Recommendation of “Moderate Buy” by Brokerages

Independent Bank Group, Inc. (NASDAQ:IBTX) has received a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $58.33.

A number of brokerages have recently issued reports on IBTX. StockNews.com started coverage on shares of Independent Bank Group in a research note on Friday, September 27th. They issued a “sell” rating for the company. Truist Financial raised their target price on shares of Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th.

Hedge Funds Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group in the 2nd quarter worth $5,491,000. Edgestream Partners L.P. grew its stake in shares of Independent Bank Group by 72.0% in the 1st quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank’s stock worth $3,116,000 after buying an additional 28,579 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Independent Bank Group by 6.8% in the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock worth $10,357,000 after buying an additional 14,534 shares in the last quarter. Water Island Capital LLC purchased a new position in shares of Independent Bank Group in the 2nd quarter worth $806,000. Finally, Magnetar Financial LLC purchased a new position in shares of Independent Bank Group in the 2nd quarter worth $14,146,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Stock Performance

Shares of NASDAQ IBTX opened at $55.90 on Wednesday. The firm has a fifty day moving average price of $56.25 and a 200-day moving average price of $48.32. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $2.31 billion, a PE ratio of 22.09 and a beta of 1.38. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $61.76.

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

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a dividend of $0.38 per share. The ex-dividend date was Monday, August 5th. This represents a $1.52 annualized dividend and a yield of 2.72%. Independent Bank Group’s payout ratio is 60.08%.

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.