Truist Financial Cuts Independent Bank Group (NASDAQ:IBTX) Price Target to $46.00

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

A number of other research analysts have also recently issued reports on the stock. Raymond James lifted their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an outperform rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Stephens reissued an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday, April 23rd. Piper Sandler lowered shares of Independent Bank Group from a neutral rating to an underweight rating and dropped their price target for the company from $48.00 to $38.00 in a research report on Wednesday. Finally, Hovde Group lowered their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research report on Wednesday. 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’s stock. According to data from MarketBeat, Independent Bank Group has a consensus rating of Hold and an average target price of $48.33.

Independent Bank Group Trading Up 0.2 %

NASDAQ:IBTX opened at $39.34 on Thursday. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33. The firm has a fifty day simple moving average of $43.04 and a two-hundred day simple moving average of $43.60. Independent Bank Group has a 12 month low of $28.81 and a 12 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:IBTX) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The firm had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The business’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned $1.07 earnings per share. Analysts expect that Independent Bank Group will post 2.63 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

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

Hedge Funds Weigh In On Independent Bank Group

Several large investors have recently modified their holdings of IBTX. FMR LLC increased its stake in shares of Independent Bank Group by 12.6% in the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after purchasing an additional 414,666 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Independent Bank Group during the third quarter valued at approximately $6,326,000. First Dallas Securities Inc. purchased a new position in Independent Bank Group during the third quarter valued at approximately $3,996,000. Dimensional Fund Advisors LP grew its stake in Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Independent Bank Group by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after acquiring an additional 35,806 shares in the last quarter. 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.