Independent Bank Group (NASDAQ:IBTX) Rating Increased to Overweight at Piper Sandler

Piper Sandler upgraded shares of Independent Bank Group (NASDAQ:IBTX) from an underweight rating to an overweight rating in a research report released on Friday, Marketbeat.com reports. The brokerage currently has $58.00 price objective on the bank’s stock, up from their previous price objective of $38.00.

A number of other brokerages have also recently commented on IBTX. Stephens reaffirmed an overweight rating and issued a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. StockNews.com assumed coverage on Independent Bank Group in a research note on Thursday, May 30th. They issued a sell rating on the stock. Truist Financial reiterated a hold rating and issued a $50.00 price objective (up from $46.00) on shares of Independent Bank Group in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods cut their price objective on Independent Bank Group from $55.00 to $46.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Finally, Hovde Group cut their price objective on Independent Bank Group from $53.00 to $46.00 and set a market perform rating on the stock in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $52.33.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $45.19 on Friday. The business’s 50-day moving average price is $42.56 and its two-hundred day moving average price is $44.77. Independent Bank Group has a twelve month low of $34.30 and a twelve month high of $53.25. The stock has a market cap of $1.87 billion, a P/E ratio of 17.86 and a beta of 1.40. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The business’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. As a group, equities analysts predict that Independent Bank Group will post 2.57 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Thursday, May 2nd were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.36%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Independent Bank Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares in the last quarter. FMR LLC boosted its position in shares of Independent Bank Group by 12.6% during the third quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock valued at $146,792,000 after purchasing an additional 414,666 shares in the last quarter. Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Independent Bank Group by 4.9% during the fourth 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. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Independent Bank Group by 0.6% during the third quarter. The Manufacturers Life Insurance Company now owns 734,859 shares of the bank’s stock valued at $29,064,000 after purchasing an additional 4,494 shares in the last quarter. 77.90% of the stock is currently 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.