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Independent Bank Group (NASDAQ:IBTX) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday. The firm currently has a $56.70 target price on the stock. Zacks‘s target price indicates a potential upside of 2.29% from the company’s current price.

Independent Bank Group (NASDAQ:IBTX) traded down 0.32% during mid-day trading on Tuesday, hitting $55.49. 84,704 shares of the company’s stock traded hands. Independent Bank Group has a one year low of $29.20 and a one year high of $61.49. The stock’s 50-day moving average is $50.7 and its 200-day moving average is $52.27. The company has a market cap of $908.1 million and a price-to-earnings ratio of 44.75.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.38 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.42 by $0.04. Analysts expect that Independent Bank Group will post $2.32 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on IBTX. Analysts at Sterne Agee initiated coverage on shares of Independent Bank Group in a research note on Friday, May 16th. They set a “buy” rating and a $56.00 price target on the stock. Analysts at Stephens initiated coverage on shares of Independent Bank Group in a research note on Friday, April 4th. They set an “equal weight” rating and a $60.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $54.34.

Independent Bank Group, Inc, is bank holding company. Through its wholly owned subsidiary, Independent Bank (NASDAQ:IBTX), a state chartered bank, the Company provides a range of commercial banking products and services for businesses, professionals and individuals.

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