Independent Bank Group (NASDAQ:IBTX) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Independent Bank Group (NASDAQ:IBTX - Get Free Report) announced its quarterly earnings data on Monday. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06, Briefing.com reports. Independent Bank Group had a return on equity of 5.76% and a net margin of 4.68%. The firm had revenue of $119.10 million for the quarter, compared to analysts' expectations of $121.39 million. During the same quarter in the prior year, the firm posted $1.07 earnings per share. Independent Bank Group's revenue for the quarter was down 15.3% compared to the same quarter last year.

Independent Bank Group Stock Performance

IBTX stock traded down $1.32 during trading on Tuesday, reaching $40.55. 420,986 shares of the company's stock were exchanged, compared to its average volume of 227,613. The firm has a market cap of $1.67 billion, a PE ratio of 39.39 and a beta of 1.33. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. Independent Bank Group has a 1-year low of $28.81 and a 1-year high of $53.25. The company's fifty day moving average price is $43.49 and its 200-day moving average price is $43.63.

Analysts Set New Price Targets

Several brokerages have issued reports on IBTX. Truist Financial cut their price objective 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. StockNews.com upgraded Independent Bank Group to a "sell" rating in a research report on Thursday, January 25th. Raymond James raised their price target on Independent Bank Group from $56.00 to $59.00 and gave the stock an "outperform" rating in a report on Wednesday, January 24th. Stephens restated an "overweight" rating and set a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $53.00 to $55.00 and gave the company an "outperform" rating in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $53.00.

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.