Independent Bank Group (NASDAQ:IBTX) Price Target Cut to $52.00 by Analysts at Truist Financial

Independent Bank Group (NASDAQ:IBTXGet Free Report) had its price target decreased by equities researchers at Truist Financial from $58.00 to $52.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s price objective points to a potential upside of 21.07% from the stock’s previous close.

Several other analysts have also recently weighed in on IBTX. Stephens reiterated an “overweight” rating and issued a $61.00 price objective on shares of Independent Bank Group in a research note on Tuesday, January 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Finally, Raymond James boosted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Independent Bank Group currently has a consensus rating of “Moderate Buy” and an average target price of $54.20.

Check Out Our Latest Research Report on IBTX

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $42.95 on Monday. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The company has a 50-day simple moving average of $45.26 and a two-hundred day simple moving average of $43.47. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 41.30 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTXGet Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.04). Independent Bank Group had a return on equity of 5.76% and a net margin of 4.68%. The business had revenue of $116.92 million during the quarter, compared to analyst estimates of $123.83 million. During the same quarter last year, the firm earned $1.20 EPS. Independent Bank Group’s revenue for the quarter was down 23.6% compared to the same quarter last year. Analysts forecast that Independent Bank Group will post 2.93 EPS for the current year.

Institutional Investors Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. Versant Capital Management Inc grew its holdings in shares of Independent Bank Group by 152.8% during the 3rd quarter. Versant Capital Management Inc now owns 622 shares of the bank’s stock valued at $25,000 after purchasing an additional 376 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Independent Bank Group during the 1st quarter valued at approximately $38,000. GAMMA Investing LLC bought a new stake in shares of Independent Bank Group during the 4th quarter valued at approximately $47,000. Point72 Middle East FZE bought a new stake in shares of Independent Bank Group during the 4th quarter valued at approximately $54,000. Finally, NBC Securities Inc. bought a new stake in shares of Independent Bank Group during the 3rd quarter valued at approximately $55,000. 77.90% of the stock is owned by institutional investors.

About Independent Bank Group

(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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Analyst Recommendations for Independent Bank Group (NASDAQ:IBTX)

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