Inspire Investing LLC Decreases Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Inspire Investing LLC reduced its stake in Independent Bank Group, Inc. (NASDAQ:IBTX) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,163 shares of the bank’s stock after selling 525 shares during the period. Inspire Investing LLC’s holdings in Independent Bank Group were worth $413,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in IBTX. Water Island Capital LLC acquired a new stake in shares of Independent Bank Group in the second quarter valued at about $806,000. Silver Lake Advisory LLC acquired a new stake in Independent Bank Group in the second quarter valued at approximately $5,491,000. AQR Capital Management LLC purchased a new stake in shares of Independent Bank Group during the second quarter valued at approximately $212,000. Magnetar Financial LLC acquired a new position in shares of Independent Bank Group during the second quarter worth $14,146,000. Finally, Public Sector Pension Investment Board boosted its stake in shares of Independent Bank Group by 7.6% in the second quarter. Public Sector Pension Investment Board now owns 79,245 shares of the bank’s stock valued at $3,607,000 after purchasing an additional 5,623 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $61.44 on Thursday. The firm has a market cap of $2.54 billion, a PE ratio of 24.28 and a beta of 1.38. Independent Bank Group, Inc. has a 1 year low of $34.50 and a 1 year high of $62.25. The firm’s 50-day simple moving average is $56.71 and its 200-day simple moving average is $49.44. 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 (NASDAQ:IBTX) last released its earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter last 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Analyst Upgrades and Downgrades

IBTX has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. StockNews.com began coverage on Independent Bank Group in a research note on Sunday. They issued a “sell” rating on the stock. Finally, Truist Financial raised their price objective on Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, September 20th. 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’s stock. According to MarketBeat.com, Independent Bank Group has an average rating of “Hold” and an average price target of $58.33.

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.