State Street Corp Cuts Stake in Independent Bank Group, Inc. (NASDAQ:IBTX)

State Street Corp lessened its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,921,646 shares of the bank’s stock after selling 95,234 shares during the quarter. State Street Corp owned about 4.64% of Independent Bank Group worth $110,802,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in IBTX. Edgestream Partners L.P. bought a new stake in shares of Independent Bank Group during the third quarter valued at approximately $3,521,000. Westchester Capital Management LLC grew its stake in Independent Bank Group by 15.5% during the third quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock valued at $17,554,000 after acquiring an additional 40,944 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Independent Bank Group by 82.1% during the third quarter. BNP Paribas Financial Markets now owns 13,567 shares of the bank’s stock valued at $782,000 after acquiring an additional 6,116 shares in the last quarter. FMR LLC increased its holdings in Independent Bank Group by 8.1% in the 3rd quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after acquiring an additional 279,112 shares during the last quarter. Finally, Hancock Whitney Corp purchased a new stake in Independent Bank Group in the 3rd quarter worth $222,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Trading Down 1.0 %

Shares of NASDAQ IBTX opened at $65.72 on Monday. Independent Bank Group, Inc. has a 1-year low of $36.47 and a 1-year high of $68.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The business’s 50 day moving average is $62.62 and its two-hundred day moving average is $55.79. The stock has a market capitalization of $2.72 billion, a P/E ratio of -6.28 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. During the same period in the prior year, the firm posted $0.79 EPS. As a group, research analysts expect that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on IBTX shares. StockNews.com initiated coverage on Independent Bank Group in a research report on Monday. They set a “sell” rating for the company. Truist Financial cut their price target on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods increased their target price on Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Company Profile

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.