Principal Financial Group Inc. Sells 7,621 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Principal Financial Group Inc. cut its stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 4.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 169,983 shares of the bank’s stock after selling 7,621 shares during the period. Principal Financial Group Inc.’s holdings in Independent Bank Group were worth $9,801,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $204,000. AQR Capital Management LLC purchased a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $212,000. Hancock Whitney Corp bought a new position in shares of Independent Bank Group in the third quarter valued at approximately $222,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Independent Bank Group during the third quarter valued at approximately $273,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $60.39 on Tuesday. Independent Bank Group, Inc. has a 12 month low of $36.47 and a 12 month high of $68.66. The stock has a market capitalization of $2.50 billion, a P/E ratio of -5.77 and a beta of 1.39. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm’s 50 day moving average is $63.08 and its 200 day moving average is $56.98.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same period in the previous year, the business earned $0.79 earnings per share. On average, sell-side analysts anticipate that Independent Bank Group, Inc. will post 2.7 earnings per share for the current year.

Independent Bank Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.52%. Independent Bank Group’s payout ratio is currently -14.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on IBTX shares. StockNews.com began coverage on Independent Bank Group in a research note on Tuesday, December 24th. They issued a “sell” rating for the company. Truist Financial reduced their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.33.

Independent Bank Group 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.