Truist Financial Lowers Price Target for Independent Bank Group

Truist Financial has lowered its price target for Independent Bank Group (NASDAQ:IBTX) from $66.00 to $63.00, as stated in a report released on Wednesday. The brokerage has assigned a "hold" rating on the bank's stock. This new target price indicates a potential upside of 7.77% based on the company's previous closing price.

In addition to Truist's report, Independent Bank Group has been the focus of various evaluations by other financial analysts. For instance, Keefe, Bruyette & Woods recently increased their price target for the bank's shares from $57.00 to $66.00 and provided an "outperform" rating on July 29th. Conversely, StockNews.com has initiated coverage on Independent Bank Group, rating it as a "sell". Overall, one research analyst has suggested selling the stock, while two recommend holding, and four analysts support buying. According to MarketBeat data, the current consensus rating for Independent Bank Group is "Hold," with an average price target of $57.83.

Stock Performance and Financial Overview

On Wednesday, shares of NASDAQ:IBTX opened at $58.46. The company boasts a market capitalization of $2.42 billion with a price-to-earnings ratio of 23.11 and a beta of 1.38. It has a debt-to-equity ratio of 0.25, a current ratio of 0.96, and a quick ratio also at 0.96. The 50-day simple moving average stands at $57.29, whereas the 200-day moving average is at $49.95. Looking back, Independent Bank Group's stock has ranged from a low of $34.50 to a high of $62.25 over the past year.

In its latest quarterly earnings report released on October 21st, the bank disclosed earnings per share (EPS) of $0.50 for the quarter, falling short of the consensus estimate of $0.71 by $0.21. The bank achieved a revenue of $255.18 million during this quarter, compared to the expected $124.48 million. In the same timeframe last year, Independent Bank Group reported an EPS of $0.79. Analysts predict that the bank will record 2.86 EPS for the current fiscal year.

Institutional Investment Activity

Several major institutional investors have recently adjusted their positions in Independent Bank Group. Headlands Technologies LLC made a new acquisition of shares valued at $30,000 in the first quarter, while Fidelis Capital Partners LLC invested around $33,000 in the same period. Blue Trust Inc. significantly increased its holdings by 1,576.9% during the third quarter, now possessing 872 shares worth approximately $50,000 after buying an additional 820 shares last quarter. SG Americas Securities LLC also entered a new position worth roughly $203,000 in the first quarter, while AQR Capital Management LLC acquired shares worth about $212,000 in the second quarter. Currently, institutional investors and hedge funds control 77.90% of the company's stock.

Understanding Independent Bank Group

Independent Bank Group, Inc., through its subsidiary Independent Bank, delivers a wide range of commercial banking products and services to businesses, professionals, and individuals throughout the United States. The bank accepts diverse deposit products, which include checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.

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