Stephens reaffirmed their overweight rating on shares of Independent Bank Group (NASDAQ:IBTX – Free Report) in a research note published on Tuesday, Benzinga reports. Stephens currently has a $41.00 target price on the bank’s stock.
A number of other research firms have also recently issued reports on IBTX. TheStreet cut Independent Bank Group from a b- rating to a c rating in a research note on Tuesday, April 25th. Piper Sandler lowered their price target on Independent Bank Group from $55.00 to $48.00 in a report on Wednesday, April 26th. StockNews.com raised Independent Bank Group to a sell rating in a report on Friday, June 16th. Finally, Truist Financial lowered their price target on Independent Bank Group from $43.00 to $40.00 in a report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $50.40.
Independent Bank Group Stock Performance
Shares of IBTX opened at $44.80 on Tuesday. The business’s fifty day moving average price is $37.65 and its 200 day moving average price is $45.53. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $76.00. The stock has a market capitalization of $1.85 billion, a PE ratio of 20.84 and a beta of 1.35. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.00 and a quick ratio of 1.06.
Independent Bank Group Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Thursday, August 3rd will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Wednesday, August 2nd. Independent Bank Group’s payout ratio is currently 70.70%.
Insider Buying and Selling
In other news, Vice Chairman Daniel W. Brooks bought 3,000 shares of the stock in a transaction that occurred on Friday, May 5th. The shares were purchased at an average cost of $32.09 per share, with a total value of $96,270.00. Following the completion of the acquisition, the insider now directly owns 118,224 shares in the company, valued at $3,793,808.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Vice Chairman Daniel W. Brooks bought 3,000 shares of the stock in a transaction that occurred on Friday, May 5th. The shares were purchased at an average cost of $32.09 per share, with a total value of $96,270.00. Following the completion of the acquisition, the insider now directly owns 118,224 shares in the company, valued at $3,793,808.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael B. Hobbs purchased 2,400 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was bought at an average price of $31.33 per share, with a total value of $75,192.00. Following the transaction, the chief operating officer now directly owns 38,092 shares in the company, valued at $1,193,422.36. The disclosure for this purchase can be found here. Insiders have bought a total of 14,548 shares of company stock valued at $449,798 over the last three months. Company insiders own 3.40% of the company’s stock.
Hedge Funds Weigh In On Independent Bank Group
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Howard Financial Services LTD. boosted its position in shares of Independent Bank Group by 1.1% in the 2nd quarter. Howard Financial Services LTD. now owns 27,120 shares of the bank’s stock valued at $936,000 after purchasing an additional 282 shares during the period. Point72 Hong Kong Ltd boosted its position in Independent Bank Group by 17.8% during the 1st quarter. Point72 Hong Kong Ltd now owns 1,876 shares of the bank’s stock worth $133,000 after acquiring an additional 283 shares during the period. Arizona State Retirement System boosted its position in Independent Bank Group by 2.7% during the 1st quarter. Arizona State Retirement System now owns 10,743 shares of the bank’s stock worth $498,000 after acquiring an additional 287 shares during the period. Summit Creek Advisors LLC boosted its position in Independent Bank Group by 0.3% during the 4th quarter. Summit Creek Advisors LLC now owns 113,692 shares of the bank’s stock worth $6,831,000 after acquiring an additional 318 shares during the period. Finally, Captrust Financial Advisors boosted its position in Independent Bank Group by 2.1% during the 4th quarter. Captrust Financial Advisors now owns 15,819 shares of the bank’s stock worth $950,000 after acquiring an additional 322 shares during the period. Institutional investors and hedge funds own 73.99% of the company’s stock.
Independent Bank Group Company Profile
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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