Independent Bank Group’s (IBTX) “Hold” Rating Reaffirmed at Truist Financial

Truist Financial reiterated their hold rating on shares of Independent Bank Group (NASDAQ:IBTXFree Report) in a research note released on Wednesday morning, Benzinga reports. Truist Financial currently has a $50.00 price objective on the bank’s stock, up from their prior price objective of $46.00.

Several other research analysts have also weighed in on the stock. Hovde Group decreased 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 report on Wednesday, April 24th. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and decreased their price objective for the stock from $48.00 to $38.00 in a report on Wednesday, April 24th. Stephens reissued an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank Group from $55.00 to $46.00 and set an outperform rating for the company in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Independent Bank Group has a consensus rating of Hold and a consensus price target of $52.33.

Get Our Latest Analysis on IBTX

Independent Bank Group Price Performance

IBTX opened at $46.04 on Wednesday. The company has a fifty day simple moving average of $42.54 and a 200 day simple moving average of $44.68. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 18.20 and a beta of 1.36. Independent Bank Group has a twelve month low of $32.75 and a twelve month high of $53.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTXGet Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the business earned $1.07 EPS. Equities research analysts expect that Independent Bank Group will post 2.57 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were given a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.30%. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Headlands Technologies LLC bought a new stake in Independent Bank Group in the 1st quarter valued at about $30,000. Fidelis Capital Partners LLC bought a new stake in Independent Bank Group in the 1st quarter valued at about $33,000. GAMMA Investing LLC bought a new stake in Independent Bank Group in the 4th quarter valued at about $47,000. NBC Securities Inc. bought a new stake in Independent Bank Group in the 3rd quarter valued at about $55,000. Finally, Signaturefd LLC lifted its position in Independent Bank Group by 49.8% in the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock valued at $60,000 after purchasing an additional 503 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Independent Bank Group Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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