Independent Bank Group (NASDAQ:IBTX) Shares Gap Down on Analyst Downgrade

Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report)'s stock price gapped down prior to trading on Wednesday after Hovde Group lowered their price target on the stock from $53.00 to $46.00. The stock had previously closed at $40.55, but opened at $39.26. Hovde Group currently has a market perform rating on the stock. Independent Bank Group shares last traded at $40.92, with a volume of 31,181 shares trading hands.

A number of other research analysts have also issued reports on IBTX. Stephens reissued an "overweight" rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday. Piper Sandler downgraded Independent Bank Group from a "neutral" rating to an "underweight" rating and decreased their price target for the company from $48.00 to $38.00 in a research note on Wednesday. Keefe, Bruyette & Woods lifted their price target 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. Truist Financial decreased 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. Finally, StockNews.com upgraded Independent Bank Group to a "sell" rating in a research report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $50.83.

Institutional Trading of Independent Bank Group

A number of institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in shares of Independent Bank Group in the fourth quarter valued at $47,000. NBC Securities Inc. acquired a new position in Independent Bank Group in the third quarter valued at $55,000. Signaturefd LLC increased its stake in Independent Bank Group by 49.8% in the third quarter. Signaturefd LLC now owns 1,513 shares of the bank's stock valued at $60,000 after purchasing an additional 503 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank's stock valued at $108,000 after purchasing an additional 925 shares during the last quarter. Finally, Callahan Advisors LLC acquired a new position in Independent Bank Group in the third quarter valued at $201,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Group Price Performance

The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 39.25 and a beta of 1.33. The company has a 50 day moving average of $43.41 and a 200 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.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last released its earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The firm 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%. The business's quarterly revenue was down 15.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.07 earnings per share. As a group, equities research analysts forecast that Independent Bank Group, Inc. will post 2.88 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.72%. Independent Bank Group's dividend payout ratio is presently 146.15%.

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.