Truist Financial Boosts Independent Bank Group (NASDAQ:IBTX) Price Target to $66.00

Independent Bank Group (NASDAQ:IBTX) had its target price increased by Truist Financial from $65.00 to $66.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Other equities analysts also recently issued reports about the stock. Piper Sandler upgraded shares of Independent Bank Group from an underweight rating to an overweight rating and increased their price objective for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. StockNews.com started coverage on Independent Bank Group in a research report on Thursday. They set a sell rating for the company. Finally, Keefe, Bruyette & Woods boosted their price target on Independent Bank Group from $57.00 to $66.00 and gave the stock an outperform rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $58.33.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $58.83 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 23.25 and a beta of 1.38. The stock’s 50-day moving average is $55.86 and its 200-day moving average is $47.78. Independent Bank Group has a one year low of $34.50 and a one year high of $61.76.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. The firm had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the previous year, the business posted $0.82 EPS. Equities analysts predict that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s payout ratio is currently 60.08%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IBTX. Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank Group by 7.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after purchasing an additional 28,395 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Independent Bank Group by 33.0% in the 4th quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock valued at $1,271,000 after buying an additional 6,203 shares during the last quarter. Relative Value Partners Group LLC bought a new stake in Independent Bank Group during the 4th quarter worth approximately $217,000. The Manufacturers Life Insurance Company grew its position 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 buying an additional 35,806 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in shares of Independent Bank Group by 58.2% in the 4th quarter. Rafferty Asset Management LLC now owns 58,428 shares of the bank’s stock worth $2,973,000 after purchasing an additional 21,501 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Company Profile

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.