Independent Bank Group’s (IBTX) Overweight Rating Reaffirmed at Stephens

Independent Bank Group (NASDAQ:IBTX)‘s stock had its “overweight” rating reiterated by investment analysts at Stephens in a research note issued on Tuesday, Benzinga reports. They currently have a $55.00 price target on the bank’s stock. Stephens’ target price points to a potential upside of 34.74% from the stock’s previous close.

IBTX has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Truist Financial reduced their price target on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Raymond James upped their price target on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Finally, StockNews.com raised Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.83.

Independent Bank Group Stock Up 0.7 %

Independent Bank Group stock opened at $40.82 on Tuesday. The business has a fifty day moving average of $43.41 and a two-hundred day moving average of $43.64. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1.68 billion, a P/E ratio of 39.25 and a beta of 1.33. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. Independent Bank Group’s revenue was down 15.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share. On average, analysts forecast that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds have recently made changes to their positions in IBTX. Vanguard Group Inc. grew its position in Independent Bank Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after purchasing an additional 22,245 shares during the period. FMR LLC grew its position in Independent Bank Group by 12.6% during the 3rd 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 during the period. Dimensional Fund Advisors LP grew its position in Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock worth $107,588,000 after purchasing an additional 40,112 shares during the period. The Manufacturers Life Insurance Company grew its position in Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Independent Bank Group by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock worth $29,064,000 after purchasing an additional 4,494 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

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.