Independent Bank Group, Inc. (NASDAQ:IBTX – Get Rating)'s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $63.38 and last traded at $63.41, with a volume of 2298 shares. The stock had previously closed at $64.50.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the company. Piper Sandler dropped their target price on Independent Bank Group from $78.00 to $75.00 and set an "overweight" rating on the stock in a research report on Friday, September 16th. Truist Financial increased their target price on Independent Bank Group to $80.00 and gave the company an "outperform" rating in a report on Wednesday, July 27th. Finally, Stephens lifted their price target on Independent Bank Group to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $78.33.
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Independent Bank Group Trading Down 1.4 %
The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 13.16 and a beta of 1.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.94 and a current ratio of 0.94. The company has a 50 day moving average price of $69.61 and a 200 day moving average price of $70.21.
Independent Bank Group (NASDAQ:IBTX – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.23 by $0.04. The firm had revenue of $151.88 million for the quarter, compared to analyst estimates of $151.05 million. Independent Bank Group had a net
margin of 32.74% and a return on equity of 8.49%. During the same period in the prior year, the business posted $1.35 EPS. On average, research analysts expect that Independent Bank Group, Inc. will post 5.18 earnings per share for the current year.
Independent Bank Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 18th. Shareholders of record on Thursday, August 4th were issued a dividend of $0.38 per share. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a yield of 2.39%. Independent Bank Group's dividend payout ratio (DPR) is 31.02%.
Insider Buying and Selling
In related news, Director John Webb Jennings III sold 8,939 shares of the stock in a transaction on Friday, August 12th. The stock was sold at an average price of $74.13, for a total value of $662,648.07. Following the transaction, the director now owns 52,802 shares of the company's stock, valued at $3,914,212.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director John Webb Jennings III sold 8,939 shares of the company's stock in a transaction on Friday, August 12th. The shares were sold at an average price of $74.13, for a total value of $662,648.07. Following the completion of the sale, the director now owns 52,802 shares in the company, valued at approximately $3,914,212.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Michael B. Hobbs sold 1,350 shares of the stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $74.76, for a total transaction of $100,926.00. Following the sale, the chief operating officer now owns 31,308 shares of the company's stock, valued at approximately $2,340,586.08. The disclosure for this sale can be found here. 3.30% of the stock is owned by insiders.
Hedge Funds Weigh In On Independent Bank Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. acquired a new position in shares of Independent Bank Group in the first quarter valued at approximately $38,000. Strs Ohio purchased a new stake in shares of Independent Bank Group during the first quarter valued at approximately $64,000. Point72 Hong Kong Ltd increased its position in shares of Independent Bank Group by 457.0% in the 4th quarter. Point72 Hong Kong Ltd now owns 1,593 shares of the bank's stock worth $115,000 after purchasing an additional 1,307 shares during the last quarter. KBC Group NV acquired a new stake in shares of Independent Bank Group during the second quarter worth $209,000. Finally, Meridian Wealth Management LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth about $211,000. Institutional investors and hedge funds own 76.27% of the company's stock.
About Independent Bank Group
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Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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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