Intech Investment Management LLC Takes Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

Intech Investment Management LLC acquired a new position in Independent Bank Group, Inc. (NASDAQ:IBTX) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 8,161 shares of the bank’s stock, valued at approximately $371,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Relative Value Partners Group LLC acquired a new position in Independent Bank Group in the fourth quarter worth approximately $217,000. The Manufacturers Life Insurance Company raised its position in shares of Independent Bank Group by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares during the period. Rafferty Asset Management LLC raised its position in shares of Independent Bank Group by 58.2% during the fourth quarter. Rafferty Asset Management LLC now owns 58,428 shares of the bank’s stock worth $2,973,000 after purchasing an additional 21,501 shares during the period. Trail Ridge Investment Advisors LLC purchased a new stake in shares of Independent Bank Group during the fourth quarter valued at $234,000. Finally, Vanguard Group Inc. boosted its position in shares of Independent Bank Group by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares during the period. 77.90% of the stock is currently owned by institutional investors.

Independent Bank Group Trading Up 0.2 %

Shares of NASDAQ:IBTX opened at $56.72 on Friday. The firm has a fifty day moving average of $56.19 and a two-hundred day moving average of $48.16. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Group, Inc. has a 12-month low of $34.50 and a 12-month high of $61.76. The firm has a market capitalization of $2.35 billion, a P/E ratio of 22.42 and a beta of 1.38.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data 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. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The firm had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter last year, the firm earned $0.82 earnings per share. On average, equities analysts expect that Independent Bank Group, Inc. will post 2.86 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a $0.38 dividend. The ex-dividend date was Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.68%. Independent Bank Group’s payout ratio is 60.08%.

Analyst Ratings Changes

IBTX has been the topic of several analyst reports. StockNews.com assumed coverage on shares of Independent Bank Group in a research report on Friday. They issued a “sell” rating on the stock. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Truist Financial increased their target price on Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Keefe, Bruyette & Woods lifted their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Independent Bank Group has an average rating of “Hold” and a consensus price target of $58.33.

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.