Independent Bank Group (NASDAQ:IBTX) Given New $46.00 Price Target at Hovde Group

Independent Bank Group (NASDAQ:IBTX) had its target price lowered by Hovde Group from $53.00 to $46.00 in a report issued on Wednesday, Marketbeat.com reports. Hovde Group currently has a market perform rating on the bank’s stock.

Several other research firms have also issued reports on IBTX. Raymond James lifted their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an outperform rating in a research report on Wednesday, January 24th. Piper Sandler cut Independent Bank Group from a neutral rating to an underweight rating and decreased their target price for the stock from $48.00 to $38.00 in a report on Wednesday. Truist Financial dropped their price target on Independent Bank Group from $58.00 to $52.00 and set a buy rating on the stock in a research note on Monday, April 1st. Stephens reaffirmed an overweight rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an outperform rating in a research report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $48.33.

Independent Bank Group Stock Up 0.2 %

IBTX opened at $39.34 on Wednesday. The stock’s fifty day moving average is $43.17 and its 200-day moving average is $43.59. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25. The company has a market capitalization of $1.63 billion, a PE ratio of 15.55 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, beating 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 4.97%. The company 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 company earned $1.07 EPS. Independent Bank Group’s revenue was down 15.3% on a year-over-year basis. On average, equities analysts predict that Independent Bank Group will post 2.63 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.86%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is presently 60.08%.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in Independent Bank Group by 12.6% in the third 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 in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Independent Bank Group during the third quarter worth $6,326,000. First Dallas Securities Inc. bought a new position in shares of Independent Bank Group during the third quarter valued at $3,996,000. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Group by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Independent Bank Group by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

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.