Truist Financial Lowers Independent Bank Group (NASDAQ:IBTX) Price Target to $46.00

Independent Bank Group (NASDAQ:IBTX - Free Report) had its price objective decreased by Truist Financial from $52.00 to $46.00 in a research note released on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the bank's stock.

IBTX has been the topic of a number of other research reports. Piper Sandler cut Independent Bank Group from a neutral rating to an underweight rating and reduced their target price for the stock from $48.00 to $38.00 in a report on Wednesday. StockNews.com raised Independent Bank Group to a sell rating in a research report on Thursday, January 25th. Hovde Group dropped their price target 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. 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 research report on Wednesday, January 24th. Finally, Stephens reaffirmed an overweight rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Independent Bank Group currently has a consensus rating of Hold and a consensus price target of $49.83.

Independent Bank Group Trading Down 3.8 %

IBTX traded down $1.56 during midday trading on Thursday, reaching $39.26. 244,373 shares of the company were exchanged, compared to its average volume of 228,737. 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 has a one year low of $28.81 and a one year high of $53.25. The stock has a market capitalization of $1.62 billion, a P/E ratio of 15.52 and a beta of 1.33. The stock's 50-day simple moving average is $43.32 and its 200 day simple moving average is $43.62.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm had revenue of $119.10 million for the quarter, compared to analysts' expectations of $121.39 million. During the same quarter last year, the business earned $1.07 earnings per share. The company's revenue was down 15.3% compared to the same quarter last year. As a group, analysts forecast that Independent Bank Group will post 2.88 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The business 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 $0.38 dividend. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.87%. Independent Bank Group's dividend payout ratio is 60.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IBTX. FMR LLC grew its stake in Independent Bank Group by 12.6% in 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. Adage Capital Partners GP L.L.C. bought a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $6,326,000. First Dallas Securities Inc. bought a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $3,996,000. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank Group by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank's stock worth $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% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank's stock worth $39,211,000 after acquiring an additional 35,806 shares during the period. 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.