Keefe, Bruyette & Woods upgraded shares of Independent Bank Group, Inc (NASDAQ:IBTX) from a market perform rating to an outperform rating in a research note published on Wednesday morning, MarketBeat reports. The brokerage currently has $71.00 price objective on the bank’s stock.

Several other analysts also recently weighed in on IBTX. Zacks Investment Research upgraded Independent Bank Group from a hold rating to a buy rating and set a $67.00 target price for the company in a research note on Tuesday, March 28th. Stephens restated a buy rating on shares of Independent Bank Group in a research note on Monday, April 24th. ValuEngine upgraded Independent Bank Group from a hold rating to a buy rating in a research note on Friday, June 2nd. BidaskClub downgraded Independent Bank Group from a hold rating to a sell rating in a research note on Saturday, June 24th. Finally, Sandler O’Neill upgraded Independent Bank Group from a hold rating to a buy rating and set a $70.00 target price for the company in a research note on Monday, June 26th. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. Independent Bank Group presently has an average 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 52-week low of $40.39 and a 52-week high of $66.85. The stock’s 50 day moving average price is $58.89 and its 200 day moving average price is $61.02. The firm has a market capitalization of $1.67 billion, a PE ratio of 22.18 and a beta of 1.26.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, July 24th. The bank reported $0.82 earnings per share for the quarter, meeting the consensus estimate of $0.82. The company had revenue of $80.50 million during the quarter, compared to the consensus estimate of $81.31 million. Independent Bank Group had a return on equity of 10.30% and a net margin of 23.52%. The company’s revenue was up 58.4% on a year-over-year basis. During the same period last year, the firm earned $0.74 earnings per share. Analysts expect that Independent Bank Group will post $3.42 earnings per share for the current year.

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

Institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in Independent Bank Group by 66.3% in the fourth quarter. State Street Corp now owns 289,139 shares of the bank’s stock worth $18,045,000 after buying an additional 115,289 shares during the period. Dimensional Fund Advisors LP increased its position in Independent Bank Group by 37.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 342,807 shares of the bank’s stock worth $21,391,000 after buying an additional 93,002 shares during the period. AQR Capital Management LLC purchased a new position in Independent Bank Group during the fourth quarter worth approximately $1,543,000. RMB Capital Management LLC purchased a new position in Independent Bank Group during the fourth quarter worth approximately $1,116,000. Finally, Teachers Advisors LLC increased its position in Independent Bank Group by 27.8% in the fourth quarter. Teachers Advisors LLC now owns 22,852 shares of the bank’s stock worth $1,426,000 after buying an additional 4,969 shares during the period. Institutional investors and hedge funds own 33.58% of the company’s stock.

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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