Independent Bank Group (NASDAQ:IBTX) Price Target Raised to $66.00

by · The Markets Daily

Independent Bank Group (NASDAQ:IBTX – Get Free Report) had its price objective hoisted by analysts at Truist Financial from $65.00 to $66.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would suggest a potential upside of 12.19% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. StockNews.com initiated coverage on Independent Bank Group in a research note on Thursday. They set a “sell” rating for the company. Finally, Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $38.00 to $58.00 in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $58.33.

Read Our Latest Stock Report on Independent Bank Group

Independent Bank Group Price Performance

Shares of IBTX stock opened at $58.83 on Friday. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $61.76. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 23.25 and a beta of 1.38. The stock has a fifty day simple moving average of $55.86 and a two-hundred day simple moving average of $47.76. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank Group (NASDAQ:IBTX – Get Free Report) last issued its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The business had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same period in the prior year, the business earned $0.82 EPS. On average, analysts predict that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Institutional Trading of Independent Bank Group

Several large investors have recently bought and sold shares of the stock. Howard Financial Services LTD. grew its position in Independent Bank Group by 0.8% during the 2nd quarter. Howard Financial Services LTD. now owns 27,932 shares of the bank’s stock worth $1,271,000 after purchasing an additional 234 shares during the last quarter. NBC Securities Inc. grew its position in Independent Bank Group by 19.7% during the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock worth $76,000 after purchasing an additional 275 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Independent Bank Group by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after purchasing an additional 300 shares during the last quarter. Texas Permanent School Fund Corp grew its position in Independent Bank Group by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,433 shares of the bank’s stock worth $1,435,000 after purchasing an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in Independent Bank Group by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 7,290 shares of the bank’s stock worth $333,000 after purchasing an additional 502 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Company Profile

(Get Free Report)

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.

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