Hovde Group upgraded shares of Independent Bank Group, Inc (NASDAQ:IBTX) from a market perform rating to an outperform rating in a research report released on Wednesday morning, Marketbeat reports. The firm currently has $69.00 price objective on the bank’s stock, up from their previous price objective of $68.00.

Other analysts also recently issued research reports about the stock. Stephens set a $72.00 target price on shares of Independent Bank Group and gave the company a buy rating in a report on Monday, June 26th. Sandler O’Neill raised shares of Independent Bank Group from a hold rating to a buy rating and set a $70.00 target price on the stock in a report on Monday, June 26th. Zacks Investment Research raised shares of Independent Bank Group from a hold rating to a buy rating and set a $67.00 target price on the stock in a report on Tuesday, March 28th. ValuEngine raised shares of Independent Bank Group from a hold rating to a buy rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank Group from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the company. Independent Bank Group currently has a consensus rating of Hold and a consensus target price of $69.60.

Independent Bank Group (NASDAQ:IBTX) opened at 60.10 on Wednesday. Independent Bank Group has a 12 month low of $40.39 and a 12 month high of $66.85. The firm has a 50 day moving average of $58.89 and a 200-day moving average of $61.02. The firm has a market cap of $1.67 billion, a P/E ratio of 22.18 and a beta of 1.26.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, July 24th. The bank reported $0.82 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.82. The business had revenue of $80.50 million for the quarter, compared to the consensus estimate of $81.31 million. Independent Bank Group had a net margin of 23.52% and a return on equity of 10.30%. The business’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 earnings per share. On average, equities research analysts forecast that Independent Bank Group will post $3.42 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Thursday, August 3rd. Independent Bank Group’s payout ratio is 13.16%.

Hedge funds have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC increased its stake in Independent Bank Group by 108.5% in the first quarter. Acrospire Investment Management LLC now owns 2,498 shares of the bank’s stock worth $161,000 after buying an additional 1,300 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Independent Bank Group by 16.2% in the first quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock worth $179,000 after buying an additional 389 shares in the last quarter. Karp Capital Management Corp bought a new stake in Independent Bank Group during the first quarter worth approximately $202,000. Sapphire Star Partners LP bought a new stake in Independent Bank Group during the first quarter worth approximately $285,000. Finally, Navellier & Associates Inc bought a new stake in Independent Bank Group during the first quarter worth approximately $285,000. 33.58% of the stock is currently owned by hedge funds and other institutional investors.

About Independent Bank Group

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.

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