ProShare Advisors LLC Increases Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

ProShare Advisors LLC increased its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 47.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,759 shares of the bank’s stock after purchasing an additional 3,469 shares during the period. ProShare Advisors LLC’s holdings in Independent Bank Group were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in Independent Bank Group during the 1st quarter worth $30,000. Fidelis Capital Partners LLC purchased a new stake in Independent Bank Group during the 1st quarter worth $33,000. NBC Securities Inc. boosted its position in Independent Bank Group by 19.7% in the 1st quarter. NBC Securities Inc. now owns 1,674 shares of the bank’s stock valued at $76,000 after buying an additional 275 shares during the last quarter. SG Americas Securities LLC purchased a new position in Independent Bank Group in the 1st quarter valued at about $203,000. Finally, Hennessy Advisors Inc. purchased a new position in Independent Bank Group in the 2nd quarter valued at about $228,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IBTX. StockNews.com began coverage on shares of Independent Bank Group in a research report on Friday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Truist Financial upped their price objective on shares of Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $58.33.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $57.66 on Tuesday. The firm has a market cap of $2.39 billion, a PE ratio of 22.79 and a beta of 1.38. The firm’s 50-day simple moving average is $56.25 and its 200-day simple moving average is $48.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Group, Inc. has a 1 year low of $34.50 and a 1 year high of $61.76.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $252.52 million for the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. During the same quarter in the prior year, the business posted $0.82 EPS. Equities analysts forecast that Independent Bank Group, Inc. will post 2.86 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.52 annualized dividend and a yield of 2.64%. Independent Bank Group’s dividend payout ratio (DPR) is 60.08%.

About Independent Bank Group

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.