Independent Bank Group (NASDAQ:IBTX) PT Lowered to $46.00 at Truist Financial

Independent Bank Group (NASDAQ:IBTX) had its target price trimmed by Truist Financial from $52.00 to $46.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

IBTX has been the subject of several other reports. Stephens reissued an overweight rating and issued a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods increased their price target on Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Hovde Group decreased their price target on 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. StockNews.com raised Independent Bank Group to a sell rating in a report on Thursday, January 25th. Finally, Raymond James increased their price target on Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank Group has a consensus rating of Hold and an average price target of $48.33.

Independent Bank Group Price Performance

IBTX stock opened at $39.34 on Thursday. The company has a market capitalization of $1.63 billion, a P/E ratio of 15.55 and a beta of 1.33. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25. The business has a 50 day simple moving average of $43.04 and a 200-day simple moving average of $43.63. 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:IBTX) last posted 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. The business had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company’s revenue was down 15.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.07 earnings per share. As a group, equities analysts anticipate that Independent Bank Group will post 2.63 EPS for the current year.

Independent Bank Group Announces Dividend

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IBTX. GAMMA Investing LLC purchased a new position in shares of Independent Bank Group in the fourth quarter valued at $47,000. NBC Securities Inc. purchased a new position in shares of Independent Bank Group in the third quarter valued at $55,000. Signaturefd LLC increased 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 valued at $60,000 after buying an additional 503 shares in the last quarter. PNC Financial Services Group Inc. increased its position 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 valued at $108,000 after buying an additional 925 shares in the last quarter. Finally, Callahan Advisors LLC purchased a new position in shares of Independent Bank Group in the third quarter valued at $201,000. Hedge funds and other 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.