Independent Bank Group (NASDAQ:IBTX) Lowered to Underweight at Piper Sandler

Piper Sandler lowered shares of Independent Bank Group (NASDAQ:IBTX) from a neutral rating to an underweight rating in a research note published on Wednesday, Marketbeat Ratings reports. The brokerage currently has $38.00 price target on the bank’s stock, down from their prior price target of $48.00.

IBTX has been the topic of a number of other research reports. Stephens reaffirmed an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. Raymond James boosted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an outperform rating in a research note on Wednesday, January 24th. Truist Financial lowered their price target on Independent Bank Group from $58.00 to $52.00 and set a buy rating on the stock in a report on Monday, April 1st. StockNews.com raised Independent Bank Group to a sell rating in a report on Thursday, January 25th. Finally, Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $53.00 to $55.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $48.33.

Independent Bank Group Price Performance

Shares of IBTX opened at $39.34 on Wednesday. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25. The company has a market capitalization of $1.63 billion, a P/E ratio of 15.55 and a beta of 1.33. The firm has a 50 day moving average of $43.04 and a 200 day moving average of $43.60. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter last year, the company earned $1.07 EPS. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Independent Bank Group will post 2.63 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be issued a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.86%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Institutional Trading of Independent Bank Group

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC purchased a new position in shares of Independent Bank Group during the 4th quarter valued at about $47,000. NBC Securities Inc. purchased a new position in Independent Bank Group during the third quarter valued at approximately $55,000. Signaturefd LLC boosted its position in shares of Independent Bank Group by 49.8% in the third quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after purchasing an additional 503 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after purchasing an additional 925 shares in the last quarter. Finally, Callahan Advisors LLC bought a new stake in shares of Independent Bank Group during the 3rd quarter valued at $201,000. 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.