Analysts Set Independent Bank Group, Inc. (NASDAQ:IBTX) Target Price at $74.75

Shares of Independent Bank Group, Inc. (NASDAQ:IBTXGet Rating) have been assigned an average recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $74.75.

A number of research firms recently weighed in on IBTX. Hovde Group cut Independent Bank Group from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $82.50 to $70.00 in a research note on Wednesday, October 26th. Piper Sandler dropped their price target on Independent Bank Group from $78.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, September 16th. Truist Financial lowered their price objective on Independent Bank Group from $80.00 to $74.00 in a research report on Wednesday, October 26th. Finally, StockNews.com began coverage on Independent Bank Group in a research report on Wednesday, October 12th. They set a “hold” rating on the stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IBTX. Capital Research Global Investors increased its position in shares of Independent Bank Group by 23.4% in the first quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank’s stock worth $216,539,000 after purchasing an additional 576,836 shares during the period. State Street Corp increased its position in shares of Independent Bank Group by 17.9% in the first quarter. State Street Corp now owns 1,987,217 shares of the bank’s stock worth $141,410,000 after purchasing an additional 302,174 shares during the period. FMR LLC increased its position in shares of Independent Bank Group by 11.7% in the second quarter. FMR LLC now owns 2,394,990 shares of the bank’s stock worth $162,644,000 after purchasing an additional 250,276 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Independent Bank Group by 123.4% in the second quarter. Goldman Sachs Group Inc. now owns 313,406 shares of the bank’s stock worth $21,283,000 after purchasing an additional 173,117 shares during the period. Finally, Shilanski & Associates Inc. bought a new position in shares of Independent Bank Group in the third quarter worth $5,442,000. Institutional investors own 76.27% of the company’s stock.

Independent Bank Group Stock Down 0.3 %

IBTX opened at $65.41 on Friday. Independent Bank Group has a 1-year low of $60.17 and a 1-year high of $79.66. The stock’s fifty day simple moving average is $64.81 and its 200 day simple moving average is $67.89. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock has a market cap of $2.69 billion, a PE ratio of 13.19 and a beta of 1.42.

Independent Bank Group (NASDAQ:IBTXGet Rating) last posted its quarterly earnings results on Tuesday, October 25th. The bank reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). Independent Bank Group had a net margin of 31.47% and a return on equity of 8.77%. During the same period in the prior year, the firm posted $1.22 earnings per share. As a group, research analysts expect that Independent Bank Group will post 5.11 earnings per share for the current year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 17th. Shareholders of record on Thursday, November 3rd were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Wednesday, November 2nd. Independent Bank Group’s payout ratio is 30.65%.

Independent Bank Group Company Profile

(Get Rating)

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.

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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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