Independent Bank Group (NASDAQ:IBTX) Shares Gap Down on Analyst Downgrade

Independent Bank Group, Inc. (NASDAQ:IBTX) gapped down before the market opened on Wednesday after Hovde Group lowered their price target on the stock from $53.00 to $46.00. The stock had previously closed at $40.55, but opened at $39.26. Hovde Group currently has a market perform rating on the stock. Independent Bank Group shares last traded at $40.92, with a volume of 31,181 shares.

Several other equities research analysts also recently weighed in on IBTX. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Piper Sandler lowered shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $48.00 to $38.00 in a report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Raymond James upped 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. Finally, Truist Financial dropped their price objective on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Independent Bank Group currently has an average rating of “Hold” and an average target price of $50.83.

Institutional Investors Weigh In On Independent Bank Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Independent Bank Group by 9.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 400,398 shares of the bank’s stock worth $15,836,000 after acquiring an additional 33,952 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Independent Bank Group in the 3rd quarter worth about $6,326,000. Illinois Municipal Retirement Fund acquired a new stake in shares of Independent Bank Group in the 3rd quarter worth about $869,000. PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank Group by 51.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after acquiring an additional 925 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Independent Bank Group by 1.0% in the 3rd quarter. Swiss National Bank now owns 81,722 shares of the bank’s stock worth $3,232,000 after acquiring an additional 800 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Stock Up 0.7 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 39.25 and a beta of 1.33. The stock’s fifty day moving average is $43.41 and its two-hundred day moving average is $43.64.

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, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The business had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. During the same period in the prior year, the firm posted $1.07 EPS. The firm’s quarterly revenue was down 15.3% compared to the same quarter last year. Sell-side analysts predict that Independent Bank Group, Inc. will post 2.88 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s payout ratio is 146.15%.

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.