Independent Bank Group (NASDAQ:IBTX) Price Target Cut to $46.00 by Analysts at Hovde Group

Independent Bank Group (NASDAQ:IBTX) had its price objective lowered by Hovde Group from $53.00 to $46.00 in a research report released on Wednesday, MarketBeat Ratings reports. The firm currently has a market perform rating on the bank’s stock.

Several other equities analysts have also weighed in on IBTX. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and cut their price objective for the company from $48.00 to $38.00 in a report on Wednesday. Raymond James increased their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. StockNews.com upgraded shares of Independent Bank Group to a sell rating in a report on Thursday, January 25th. Finally, Stephens reiterated an overweight rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $50.83.

Independent Bank Group Trading Up 0.7 %

Shares of NASDAQ IBTX opened at $40.82 on Wednesday. The company’s 50 day simple moving average is $43.41 and its 200 day simple moving average is $43.64. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The firm has a market capitalization of $1.69 billion, a P/E ratio of 16.13 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period in the prior year, the business posted $1.07 earnings per share. Independent Bank Group’s revenue was down 15.3% compared to the same quarter last year. On average, analysts predict that Independent Bank Group will post 2.88 EPS for the current year.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.72%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is 60.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IBTX. FMR LLC grew its position in Independent Bank Group by 12.6% in the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Independent Bank Group in the third quarter valued at $6,326,000. First Dallas Securities Inc. bought a new position in Independent Bank Group in the third quarter valued at $3,996,000. Dimensional Fund Advisors LP grew its position in Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares in 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.