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

Independent Bank Group, Inc. (NASDAQ:IBTX) has earned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $60.33.

A number of analysts have commented on the company. Truist Financial lowered their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. StockNews.com started coverage on shares of Independent Bank Group in a report on Thursday. They issued a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Institutional Investors Weigh In On Independent Bank Group

A number of institutional investors have recently modified their holdings of IBTX. Victory Capital Management Inc. raised its position in Independent Bank Group by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock worth $713,000 after acquiring an additional 810 shares during the period. Texas Permanent School Fund Corp increased its stake in shares of Independent Bank Group by 11.5% during the second quarter. Texas Permanent School Fund Corp now owns 35,042 shares of the bank’s stock worth $1,595,000 after purchasing an additional 3,609 shares in the last quarter. American Century Companies Inc. raised its position in shares of Independent Bank Group by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock worth $2,951,000 after purchasing an additional 6,951 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Independent Bank Group by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after buying an additional 39,091 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Independent Bank Group by 45.3% in the 2nd quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank’s stock valued at $2,378,000 after buying an additional 16,300 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Trading Up 0.5 %

Shares of NASDAQ:IBTX opened at $60.67 on Friday. 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 capitalization of $2.51 billion, a P/E ratio of -5.80 and a beta of 1.39. The business’s 50-day moving average is $63.47 and its 200 day moving average is $57.90. Independent Bank Group has a 1 year low of $36.47 and a 1 year high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million during the quarter, compared to analyst estimates of $124.48 million. During the same quarter last year, the business earned $0.79 earnings per share. On average, research analysts predict that Independent Bank Group will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 2.51%. Independent Bank Group’s payout ratio is -14.53%.

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.