Truist Financial Reduces Price Target for Independent Bank Group to $63.00

Independent Bank Group (NASDAQ:IBTX) has seen a decrease in its price target, as reported by analysts at Truist Financial. In a recent announcement, Truist lowered its price objective from $66.00 to $63.00, maintaining a "hold" rating on the bank's shares. This new target price indicates a potential upside of approximately 7.77% based on the company's closing price prior to the report.

Besides Truist Financial’s update, IBTX has attracted attention from several other financial analysts recently. Keefe, Bruyette & Woods increased their price target for the company from $57.00 to $66.00 on July 29, providing an "outperform" rating. Meanwhile, StockNews.com has initiated coverage on Independent Bank Group, designating it with a "sell" rating. Currently, the stock has received a mix of ratings, with one analyst suggesting a sell, two opting for hold, and four recommending a buy. Data from MarketBeat reflects a consensus rating of "Hold" with a consensus price target of $57.83 for Independent Bank Group.

Independent Bank Group Performance Overview

On the trading floor, shares of NASDAQ:IBTX opened at $58.46 on Wednesday. The market capitalization for Independent Bank Group stands at $2.42 billion, with a trailing price-to-earnings ratio of 23.11 and a beta of 1.38. The company's debt-to-equity ratio is recorded at 0.25, alongside a current ratio and quick ratio both at 0.96. The stock has exhibited a 50-day simple moving average of $57.29 while its 200-day simple moving average is $49.95. Over the past year, the stock has achieved a low of $34.50 and a high of $62.25.

In terms of financial performance, Independent Bank Group released its quarterly earnings data on October 21. The bank reported earnings per share (EPS) of $0.50, falling short of the consensus estimate of $0.71 by $0.21. The negative net margin stands at 43.02%, although the bank has achieved a positive return on equity of 4.83%. For the quarter, revenue was reported at $255.18 million, surpassing the consensus estimate of $124.48 million. Compared to the same period last year, where the EPS was $0.79, analysts anticipate the company will post an EPS of 2.86 for the current fiscal year.

Institutional Investor Activity

A number of institutional investors have recently reviewed or altered their positions in Independent Bank Group. In the first quarter, Headlands Technologies LLC established a new stake in the company valued at $30,000. Similarly, Fidelis Capital Partners LLC acquired a position valued at approximately $33,000 during the same period. Notably, Blue Trust Inc. has significantly increased its holdings in Independent Bank Group by 1,576.9% in the third quarter, now owning 872 shares worth $50,000 after acquiring an additional 820 shares. SG Americas Securities LLC and AQR Capital Management LLC also purchased new positions in the bank, worth $203,000 and $212,000 respectively, during the first and second quarters of the year. Currently, institutional investors and hedge funds control 77.90% of Independent Bank Group’s stock.

About Independent Bank Group

Independent Bank Group, Inc., through its subsidiary Independent Bank, provides a range of commercial banking products and services to businesses, professionals, and individuals throughout the United States. This includes various deposit products such as checking accounts, savings accounts, demand deposits, money market accounts, and certificates of deposit.

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