Independent Bank Group Receives Price Target Adjustment from Truist Financial

Independent Bank Group (NASDAQ:IBTX) has recently experienced a change in its price target set by analysts at Truist Financial. In a report published on Wednesday, Truist Financial lowered its price objective for the bank's shares from $66.00 to $63.00. Despite this adjustment, they maintained a "hold" rating on the stock. This new target price indicates a potential upside of 7.77% based on the company's previous closing price.

Independent Bank Group has also been featured in reports from several other financial firms. Recently, Keefe, Bruyette & Woods increased their price target from $57.00 to $66.00, giving the bank an "outperform" rating on July 29th. Conversely, StockNews.com initiated its coverage on Independent Bank Group with a "sell" rating. Overall, there is a mix of opinions, with one analyst recommending a sell, two suggesting a hold, and four providing a buy rating. According to MarketBeat data, Independent Bank Group holds a consensus rating of "Hold" with an average price target of $57.83.

Independent Bank Group Stock Performance Overview

As of Wednesday, shares of Independent Bank Group opened at $58.46. The bank has a market capitalization of $2.42 billion and a price-to-earnings ratio of 23.11, accompanied by a beta of 1.38. The company's debt-to-equity ratio stands at 0.25, while both the current ratio and quick ratio are at 0.96. Notably, the firm has a 50-day simple moving average of $57.29 and a 200-day simple moving average of $49.95. Over the past year, the stock has fluctuated between a low of $34.50 and a high of $62.25.

Independent Bank Group recently shared its quarterly earnings results on October 21st. The reported earnings per share (EPS) stood at $0.50, which fell short of the consensus estimate of $0.71 by $0.21. The bank registered a negative net margin of 43.02% but managed a positive return on equity of 4.83%. Revenue for the reported quarter reached $255.18 million, exceeding analyst expectations of $124.48 million. In the previous year, the bank reported an EPS of $0.79. Analysts forecast that Independent Bank Group will achieve earnings of $2.86 per share for the current fiscal year.

Institutional Investment Activity in Independent Bank Group

There has been notable activity among institutional investors regarding Independent Bank Group. For instance, Headlands Technologies LLC acquired a new stake in the bank in the first quarter, worth approximately $30,000. Fidelis Capital Partners LLC also purchased a new position valued around $33,000 during the same period. Additionally, Blue Trust Inc. dramatically increased its holdings by 1,576.9% in the third quarter, now owning 872 shares valued at $50,000. SG Americas Securities LLC and AQR Capital Management LLC also acquired new positions in the bank in earlier quarters, amounting to $203,000 and $212,000 respectively. Currently, institutional investors and hedge funds hold around 77.90% of the stock.

Overview of Independent Bank Group

Independent Bank Group, Inc. operates through its subsidiary, Independent Bank, offering a wide range of commercial banking products and services to businesses, professions, and individuals throughout the United States. Their services include various deposit products such as checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.

Banking, Stocks, Investment